S&P: Titan watch now negative

Standard & Poor's said it revised its CreditWatch listing on Titan Corp. to negative from developing following Lockheed Martin Corp.'s (BBB/stable/A-2) decision to terminate its $2.2 billion deal to acquire Titan.

S&P rates Titan's corporate credit and senior unsecured debt at BB- and subordinated debt at B.

The ratings on Titan were originally placed on CreditWatch with positive implications on Sept. 16, 2003 following the announced acquisition of Titan by Lockheed Martin. On March 9, 2004 the CreditWatch listing was revised to developing following the announcement of a Justice Department probe into whether overseas consultants for Titan made illegal payments to foreign officials, which jeopardized the completion of its acquisition by Lockheed Martin.

Lockheed Martin imposed a June 25 deadline for Titan to enter into an agreement with the Justice Department, which Titan was unable meet, leading to the termination of the merger.

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