Leading international defense contractor, with a portfolio of diverse, high-priority programs and a substantial order backlog Generally favorable defense industry credit characteristics Good overall financial profile Potential for additional acquisitions Likelihood that growth of defense spending in most markets will slow in the coming years Potential adverse ruling from U.S. Department of Justice and U.K. Serious Fraud Office. The ratings on the U.K.-headquartered defense contractor BAE Systems PLC reflects our view of its strong competitive positions in the global defense market through a portfolio of diverse high-priority programs. BAE Systems designs, develops, and manufacturers a wide range of land combat vehicles and armaments, defense electronics, submarines, surface combatants, military aircraft, security electronics, and provides support services. The company benefits from
