S&P ups Lockheed view to positive

Standard & Poor's said it revised its outlook on Lockheed Martin Corp. to positive from stable and affirmed its ratings, including the BBB/A-2 corporate credit and short-term ratings, on the company.

The outlook revision is based on improving profitability and cash flow generation. The rating action also incorporates expectations that the company will pursue a balanced financial policy and capital allocation from its increasing cash flow, thus gradually strengthening credit protection measures.

S&P said the ratings on Lockheed Martin reflect its position as the largest defense contractor worldwide (estimated 2004 revenues almost $35 billion), very healthy contractual backlogs ($75 billion on Sept. 30) supporting revenue growth, and an overall solid financial profile following substantial debt reduction (about $6 billion since 1999).

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