Fitch Ratings has revised BAE Systems Plc’s (BAE) Outlook to Negative from Stable. The agency has also affirmed the aerospace group’s Long-term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB+’ and Short-term IDR at ‘F2′. BAE Systems Holdings Inc’s notes’ senior unsecured rating of ‘BBB+’ and its commercial paper programme’s Short-term rating of ‘F2’ are also affirmed. The change in the Outlook to Negative reflects a weakening of certain financial ratios in recent years, such as the company’s free cash flow (FCF) margin and gross leverage, to outside the parameters expected of a ‘BBB+’ rating. While Fitch believes

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