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Moody's cuts DAE Aviation to Caa2
Moody's Investors Service said it lowered corporate family and probability-of-default ratings of DAE Aviation Holdings, Inc. to Caa2 from B3, $100 million secured revolving credit to B3 (LGD3, 30%) from B1 (LGD3, 30%), $479 million secured term loans to B3 (LGD3, 30%) from B1 (LGD3, 30%) and $325 million senior unsecured notes, to Caa3 (LGD5, 82%) from Caa2 (LGD5, 82%).
The outlook is negative.
The action stems from concerns that DAE's current capital structure may not be sustainable amid persistent and mounting broad economic challenges coupled with the company's thin liquidity, according to the agency.
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