S&P may lift Titan

Standard & Poor's said that it placed its BB- corporate credit and senior secured debt ratings and B subordinated rating on Titan Corp. on CreditWatch with positive implications following the announcement that it will be acquired by L-3 Communications Corp. for $1.97 billion.

L-3 Communications Corp. is rated BBB- and has been placed on CreditWatch with negative implications, although any potential downgrade would likely be limited to one notch, S&P said.

S&P said the ratings on Titan will be reviewed along with those for L-3, and S&P will consider the legal obligations and strategic and economic incentives for L-3 to support this debt.

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