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S&P: DAE Aviation on watch
Standard & Poor’s said it placed the B corporate credit rating on DAE Aviation Holdings Inc. on CreditWatch with negative implications.
The agency said it is not placing the ratings on the company’s secured credit facility on CreditWatch as it is virtually certain that the facility will be repaid as part of the transaction.
The negative watch follows news that DAE’s current parent, Dubai Aerospace Enterprise Ltd., is selling it to funds affiliated with the private-equity firm Veritas Capital, S&P said.
Although the terms of the transaction were not disclosed, the agency said it believes that DAE’s leverage could increase materially as a result.
Depending on the size of the increase and how long the company’s leverage will remain elevated, S&P said it may lower DAE’s corporate credit rating.
The CreditWatch placement will be resolved after details are known, the agency said.
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