Moody's affirms Dunlop Standard

Moody's Investors Service said it affirmed the ratings of Dunlop Standard Aerospace Holdings and changed the company's outlook to stable from negative upon the announcement that Doughty Hanson, Dunlop's current owner, has agreed to sell the company to a consortium of Meggitt plc and The Carlyle Group.

Specifically, ratings affirmed include the $345 million senior unsecured notes due 2009 at B3, the senior implied rating at B1, and the senior unsecured issuer rating at B3.

Moody's said the outlook has been stabilized due to Dunlop Standard's intention to redeem all existing debt, including all outstanding 11 7/8% senior notes due 2009 as required under the terms of the agreements among Dunlop Standard, Meggitt, and Carlyle.

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