...September 8, 2020 LONDON (S&P Global Ratings) Sept. 8, 2020--S&P Global Ratings today assigned its '###' long-term issue rating to the proposed benchmark senior unsecured notes, to be issued by BAE Systems PLC (BAE). We expect BAE to use the proceeds from the proposed notes to fund its acquisition of Collins Aerospace's military global positioning systems (GPS) business and Raytheon's airborne tactical radios business, following the company's announcement to this effect on Jan. 20, 2020. We view this proposed issuance as being in line with BAE's previously announced funding strategy. Our '###/A-2' long- and short-term issuer credit ratings and stable outlook on BAE reflect the company's relatively robust operating performance of late, despite the COVID-19 pandemic. As a defence prime, the company benefits from its key status as a military defence provider to governments and defence departments around the world, and as a result it has experienced less disruption to its activities than rated...
