Moody’s assigns Baa1 to BAE notes

Moody's Ratings said it assigned Baa1 ratings to the new senior unsecured notes due 2027, 2029, 2031, 2034 and 2054 to be issued by BAE SYSTEMS plc.

BAE's Baa1 long-term issuer senior unsecured ratings are unaffected and so are the Baa1 ratings on the backed senior unsecured instruments issued by BAE Systems Holdings Inc. and BAE Systems Finance Inc., the agency said.

BAE will use the proceeds to refinance the $4 billion acquisition bridge facility which the company drew in February to fund the acquisition of Ball Aerospace for around $5.5 billion. Anything left will be used for general corporate purposes.

The outlook for all entities remains stable.

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