Moody's Investors Serviced placed the debt ratings of General Dynamics Corporation (GD) under review for possible downgrade and the debt ratings of Newport News Shipbuilding Inc. (NNS) under review for possible upgrade following the announcement of a definitive agreement for GD to acquire NNS in a cash tender offer for all NNS's outstanding shares. The transaction is valued at approximately $2.6 billion, including approximately $500 million of existing NNS's debt. GD, continuing the consolidation process of the defense sector, plans to acquire NNS in a transaction which will combine its Navy shipbuilding and submarine business with the submarine and aircraft carrier businesses of NNS. This transaction would make GD the sole supplier of submarines and aircraft carriers for the U.S. Navy.