Rochester, NY 8/4/2009 8:23:28 PM
LLL - Fitch Ratings on L-3 at `BB+'
L-3 COMM HLDGS INC
L-3 COMM HLDGS INC, LLL
WhisperFromWallStreet.com offers daily stock alerts to subscribers. Sign up for our free alerts newsletter.Fitch Ratings on Monday affirmed the issuer default rating on military contractor L-3 Communications at "BB+" and revised its outlook to positive. The outlook upgrade is based on the expectation the company will have continued organic sales growth, steady profit margins and substantial free cash flow, Fitch said.
Other positives are the high level of U.S. military spending and a balanced contract mix, while concerns remain about debt-financed acquisitions, cash deployment, and the longer-term outlook for the wars in Iraq and Afghanistan. A significant improvement in the company's credit profile is possible if L-3 decides not to refinance maturing debt and instead uses cash to repay all or most of the $650 million term loan due in March, Fitch said.
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