Fitch expects to give Northrop Grumman’s new senior notes an investment-grade rating
By APMonday, July 27, 2009
Northrop Grumman debt to get investment-grade tag
NEW YORK — Fitch Ratings said Monday it expects to assign an investment-grade rating to Northrop Grumman Corp.’s new senior notes.
The military contractor’s notes, which will be used to refinance debt maturing this year, will most likely be rated BBB+, the ratings agency said.
Fitch, which has investment-grade ratings on Northrop’s other debt, said its ratings “reflect the company’s competitive position within the defense industry, a balanced defense product portfolio, high levels of U.S. defense spending, financial flexibility, solid cash generation, and good bookings and backlog.”
In afternoon trading, Northrop’s shares fell 63 cents to $43.28.
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