Moody's cuts DeCrane

Moody's Investors Service said it has lowered both the probability of default and the second-lien term loan ratings of DeCrane Aerospace Inc. to Caa3 from Caa1.

The corporate family rating of Caa1 and the first-lien debt rating of B2 remain unchanged, the agency said.

This action follows the reported sale agreement between Goodrich Corp. (Baa2/stable) and DeCrane Holdings Co., the agency added.

Goodrich plans to purchase DeCrane's cabin business assets for $281 million cash, Moody's said.

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