NG Shipbuilding Spinoff Gets Junk Bond Rating

Monday, January 31, 2011

According to a report from the Daily Press - McClatchy-Tribune Information Services, the nation's three credit ratings agencies gave Northrop Grumman Corp.’s spin off shipbuilding unit a junk bond rating. Northrop Grumman is spinning off Huntington Ingalls Industries Inc. into a separate, publicly traded company.  Each agency cited concerns about the company's debt, weak profit margins and the uncertainty surrounding future defense spending, the primary source of the company's revenues.

(Source: Daily Press - McClatchy-Tribune Information Services)

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