Moody’s rates Lockheed Martin notes Baa1

Moody's Investors Service said it assigned Baa1 ratings to Lockheed Martin Corp.’s proposed multi-tranche issuance of new senior unsecured notes.

Net proceeds are expected to be used to term out recent borrowings under the company's $7 billion 364-day revolving credit facility and $2.5 billion commercial paper program that had been used to partially finance its $9.083 billion purchase of Sikorsky Aircraft Corp. earlier this month from United Technologies Corp. (A3 stable).

The outlook is stable.

Moody's said the Baa1 senior unsecured ratings broadly reflect the benefits associated with the company's significant scale as the world's largest defense contractor, and the breadth and depth of its operations and strong market positions as the incumbent on a number of critical defense programs with considerable barriers to entry given the high-technology nature of the industry and the classified status of many such programs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.