...March 19, 2024 LONDON (S&P Global Ratings) March 19, 2024--S&P Global Ratings today said it assigned its '###+' long-term issue rating to BAE Systems PLC's proposed $4 billion senior unsecured notes. We expect this issue to constitute several tranches, with individual amounts yet to be defined and maturities spanning from 2027-2054. We expect BAE to use the proceeds to repay the bridge facility it used to fund the acquisition of Ball Aerospace. The company might also look to raise proceeds to address upcoming maturities. We view this proposed issuance as in line with the company's previously announced funding strategy. Our long-term and short-term issuer credit rating on BAE is unchanged at '###+/A-2', with a stable outlook, reflecting the company's ongoing robust operating performance. We expect BAE to maintain credit metrics comfortably commensurate with the rating. We forecast adjusted debt to EBITDA at 1.7x-2.0x over the next two years, and funds from operations to debt of 40%-45%,...
