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Fitch boosts BAE to BBB+
Fitch Ratings said it upgraded BAE Systems plc's long-term issuer default rating to BBB+ from BBB. The agency also raised the senior unsecured notes issued by BAE Systems plc and BAE Systems Holdings Inc. to BBB+ from BBB.
“The upgrade reflects Fitch's view that BAE's recent improvement in profitability is likely to be sustainable over the medium-to-long term and therefore lead to a structural improvement in the company's financial profile, bringing it in line with the requirements of a BBB+ rating. This includes an EBITDA margin of over 12%, a free cash flow (FCF) margin of over 3% and EBITDA leverage of under 2x,” the agency said in a press release.
The outlook is stable.
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