S&P lowers Leidos to BBB

Standard & Poor's said it lowered its ratings on Leidos Holdings Inc. (formerly SAIC, Inc.) by two notches, including the corporate credit rating to BBB from A-.

The ratings were removed from CreditWatch negative, where they had been since Aug. 31, 2012.

The outlook is stable.

"The downgrade reflects weaker credit protection metrics and less-diversified business operations following the completion of the spin-off," S&P credit analyst Chris Mooney said in a news release.

This prompted S&P to revise its financial risk assessment to "intermediate" from "modest" and the business risk profile assessment to "satisfactory" from "strong," Moody's noted.

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