Planned changes to the U.S defense budget and certain weapons systems announced earlier this week by Secretary of Defense Robert Gates will likely only have a limited effect on the credit quality of most rated military contractors, says Standard & Poor’s Ratings Services in Spending Changes Announced By The Pentagon Will Have A Mixed Impact For Defense Contractors.
The programs to be cancelled include the surface launched advanced medium range air-to-air missile (SLAMRAAM; prime contractor Raytheon Co. (RTN)), the non-line-of-sight missile system (NLOS; Lockheed Martin Corp. (LMT)), and the expeditionary fighting vehicle (EFV; General Dynamics Corp. (GD)).
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