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S&P: B/E Aerospace unchanged on upsizing
Standard & Poor’s said the BBB rating and 1 recovery rating on B/E Aerospace Inc.’s $1.4 billion revolver due 2017 are unchanged after recently upsizing from $950 million.
The 1 recovery rating indicates 90% to 100% expected default recovery.
The BB rating and 5 recovery rating on the company’s senior unsecured debt also are unchanged. The 5 recovery rating indicates 10% to 30% expected default recovery.
The ratings reflect the company’s leading positions in niche markets, good geographic diversification, diverse customer base and efficient operations, S&P said, as well as the cyclical and competitive nature of the commercial aviation market.
The company’s business risk profile is satisfactory, its financial risk profile is significant and its liquidity is considered strong, the agency said.
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