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S&P affirms Lockheed Martin
Standard & Poor's said it affirmed its ratings, including the A- long-term corporate credit rating, on Lockheed Martin Corp.
The outlook is stable.
The agency said the company posted poor investment asset returns in 2008, which, combined with a modest decline in the discount rate, sharply increased its underfunded postretirement obligations to about $13 billion at Dec. 31. However, S&P believes Lockheed Martin has the ability to recover a vast majority of the contributions to benefit plans, resulting in only modest net cash funding requirements over time.
The affirmation is also based on the company's solid operating performance and cash generation in 2008, good liquidity and expected steady results in 2009, the agency said.
The ratings on Lockheed Martin are supported by its position as the largest defense contractor worldwide, healthy contractual backlog and an overall satisfactory financial profile, S&P said.
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