S&P: Lockheed Martin unaffected

Standard & Poor's said its rating and outlook on Lockheed Martin Corp. (BBB+/positive/A-2) are not affected by the pending acquisition of Pacific Architects and Engineers Inc. Although the purchase price was not disclosed, S&P said it does not expect that the transaction will have a materially negative effect on Lockheed's solid financial profile or liquidity. The company had $3.4 billion of cash and short-term investments as of June 30 and is expected to generate $2.7 billion of free cash flow in 2006.

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