S&P gives DAE B+, loan BB-

Standard & Poor's said it assigned its B+ corporate credit rating to DAE Aviation Holdings Inc.

At the same time, the agency said it assigned its BB- bank loan and 2 recovery rating to DAE Aviation's proposed $937 million secured credit facility, indicating expectations of substantial recovery in the event of payment default.

In addition, the company's proposed $325 million unsecured notes are rated B-, the agency added.

The outlook is stable.

S&P said that the ratings on DAE Aviation reflect a highly leveraged financial profile, weak credit protection measures and exposure to the competitive and cyclical general and commercial aviation markets.

These factors are offset somewhat by the firm's leading positions in markets served and less cyclical military business, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.