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L-3 Communications Corp.'s Proposed $500 Million Senior Notes Due 2016 Rated 'BBB-' Nov 11
Standard & Poors, November 2011
NEW YORK (Standard & Poor's) Nov. 17, 2011--Standard & Poor's Ratings Services today assigned its 'BBB-' issue rating to New York City-based L-3 Communications Corp.'s proposed offering of $500 million senior unsecured notes due 2016. The company plans to issue the notes as a drawdown to its existing unlimited shelf registration and use the proceeds, in combination with cash on hand, to redeem $500 million in principal of the outstanding 6.375% senior subordinated notes due 2015. Our ratings on L-3 Communications reflect its position as a leading supplier of products and services to the U.S. and foreign militaries, solid earnings and cash flow, and good program diversity. Significant competition in the defense electronics and government services markets, slowing defense budget...
Companies mentioned in this report are: L-3 Communications Corp.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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L-3 Communications Corp.