We expect BWX Technologies Inc.'s earnings to improve modestly while its cash flow remains weak, neither of which will likely have a material effect on its credit ratios. We are affirming our 'BB' issuer credit rating on the company and our 'BB' issue-level rating on its senior unsecured notes. The stable outlook reflects our expectation that, despite our forecast for improving earnings, we believe BWX's increased capital expenditure requirements over the next few years will limit its free cash flow. The stable outlook on BWX reflects our expectation that, despite our forecast it will modestly improve its earnings over the next few years, its increased capital spending needs will limit the improvement in its free cash flow, which we expect
