S&P puts DeCrane on watch

Standard & Poor's said it placed DeCrane Aerospace Inc.'s B- corporate credit rating, along with its other ratings, on CreditWatch with developing implications.

The action reflects the proposed acquisition of DeCrane's cabin management assets by Goodrich Corp. for about $280 million in cash, S&P said.

That business, with expected 2010 sales of about $170 million, represents a majority of DeCrane's revenues and earnings, S&P said.

The proceeds will be used to repay most of its outstanding bank debt of about $350 million, the agency said.

Upon closing of the transaction, the agency said it could withdraw DeCrane's ratings if its existing debt is no longer outstanding.

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