DUFF & PHELPS RATES DEBT OF MARTIN MARIETTA TECHNOLOGIES INC.
CHICAGO, April 7 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has confirmed a rating of "Duff 1" for the commercial paper of Martin Marietta Technologies Incorporated and a rating of "A" (Single-A) to that entity's senior unsecured debt. Martin Marietta Technologies ("Technologies") is a subsidiary of Martin-Marietta Corp., which has unconditionally guaranteed that debt of Technologies. Thus, D&P's ratings of Technologies' debt securities are identical to that of Martin-Marietta Corp. These ratings reflect Martin Marietta Corp.'s recently completed merger with most of the aerospace business of General Electric Company ("GE Aerospace") for approximately $3.0 billion. These ratings were effective at the time of the merger on April 2, 1993. D&P recognizes that both entities are well-managed and are excellent generators of cash, and that the combined entity has a strong presence across all the military services. Moreover, D&P believes that Martin Marietta's management is committed to reducing the financial leverage which resulted from the transaction as quickly as is prudently possible. -0- 4/7/93 /CONTACT: William T. Hayes of Duff & Phelps, 312-368-3142/ (ML)
CO: Martin Marietta Technologies Incorporated ST: Maryland IN: ARO SU: RTG
GK -- NY032 -- 0255 04/07/93 11:45 EDT
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|Date:||Apr 7, 1993|
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