Advertisement

AEROSPACE

Times Staff and Wire Reports

S&P;, Moody’s Cut Lockheed Debt Rating: Lockheed Martin Corp.'s credit ratings were cut by Standard & Poor’s and Moody’s Investors Service after the country’s largest defense contractor said it will buy most of rival Loral Corp. for $9.1 billion. The credit-rating companies also said Loral’s senior unsecured debt rating may be raised in the wake of the transaction. S&P; cut the ratings on Lockheed’s senior debt to “A-" from “A+,” and put the ratings under review for an additional cut. S&P; also cut Lockheed’s commercial paper rating to “A-2" from “A-1.” About $3.3 billion of debt is affected. Moody’s lowered Lockheed’s senior unsecured debt rating to “A3" from “A2" and placed it under review. Moody’s cut Lockheed’s short-term debt rating to Prime-2 from Prime-1.


Advertisement
Advertisement