Issuer Ranking: Global Aerospace And Defense Companies, Strongest To Weakest Nov 11

Standard & Poors, November 2011

Abstract
As has often been the case over the years, the fortunes of the commercial aerospace and defense industries are diverging. The commercial aerospace sector has largely recovered from the 2008-2009 downturn that affected all its markets (though the business jet market remains weak). The industry is now entering a period of increasing aircraft production that should last for at least the next few years, in our view. Large order backlogs and new products will likely help companies offset weak economic growth and high oil prices. Defense contractors, however, are likely to see weaker demand. Efforts to reduce the huge U.S. federal budget deficit and the wind-down of operations in Iraq and Afghanistan will likely result in flat to declining U.S....

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Boeing Co.
- GenCorp Inc.
- General Dynamics Corp.
- Goodrich Corp.
- Kaman Corp.
- Moog Inc.
- Raytheon Co.
- Textron Inc.
- Ducommun Inc.
- Hexcel Corp.
- BAE Systems PLC
- Finmeccanica SpA
- European Aeronautic Defence and Space Co. N.V.
- AAR Corp.
- Sequa Corp.
- Thales S.A.
- Bombardier Inc.
- Orbital Sciences Corp.
- BE Aerospace Inc.
- Alliant Techsystems Inc.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- L-3 Communications Corp.
- Precision Castparts Corp.
- TransDigm Inc.
- Rolls-Royce PLC
- Israel Aerospace Industries Ltd.
- Rockwell Collins Inc.
- Esterline Technologies Corp.
- ARINC Inc.
- FLIR Systems Inc.
- Heckler & Koch GmbH
- CPI International Inc.
- Spirit AeroSystems Inc.
- Embraer S.A.
- Hawker Beechcraft Inc.
- Wesco Aircraft Holdings Inc.
- DAE Aviation Holdings Inc.
- Hunter Defense Technologies Inc.
- Colt Defense LLC
- Triumph Group Inc.
- Ural Optical & Mechanical Plant JSC
- Kratos Defense & Security Solutions Inc.
- DynCorp International Inc.
- Huntington Ingalls Industries Inc.
- ADS Tactical Inc.
- API Technologies Corp.
- Exelis Inc.

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