On Feb. 10, 2005, Standard&Poor's Ratings Services assigned its 'BBB' senior unsecured rating to BAE Systems PLC's £1.5 billion revolving credit facility maturing in February 2010. At the same time, Standard&Poor's affirmed its ratings, including the 'BBB' corporate credit rating, on the company. Outstanding debt is about £2.6 billion. The outlook is stable. The ratings on Farnborough, U.K.-based BAE Systems are based on its strong competitive positions in the global defense market, an industry with generally favorable credit characteristics, and good liquidity, offset by low profitability and a sizable pension deficit. BAE Systems is a major supplier of military aircraft, defense electronics, submarines and surface combatants for the Royal Navy, support services, information technology, and aerostructures.
