Likely to benefit from expected increases in defense spending; Good near-term revenue visibility and long-term relationships with customers; Trying to increase business diversity by entering the combat vehicle market; and Significant competition in the defense services industry leading to lower margins as compared to other defense contractors. Likely stable cash flows, with modest increase in revenues and earnings; Stable credit measures; Cash flows used for modest share repurchase, dividends, and acquisitions; and "Adequate" liquidity. The stable outlook on Science Applications International Corporation (SAIC) reflects our expectation that slightly higher earnings and roughly stable net debt levels will result in slightly improving credit metrics over the next two years, with a funds from operations (FFO)-to-debt ratio between 25% and 30%. We
