Standard&Poor's said today that the June 26, 2002, Wall Street Journal report that defense company BAE Systems PLC (A/Negative/A-1) is one of several possible bidders for TRW Inc.'s defense operations does not result in any change to the ratings or outlook on BAE Systems. TRW's Systems and Space&Electronics segments had combined revenues of about $5.2 billion in 2001. If BAE Systems becomes the winning bidder, the impact on Standard&Poor's ratings and outlook on BAE Systems would depend on the purchase price, the amount of debt assumed, and the method of financing. If the TRW transaction were debt-financed, ratings on BAE Systems would be lowered, probably more than one notch, since the firm's financial profile
