S&P puts Vertex Aerospace on positive watch

Standard & Poor's put Vertex Aerospace LLC on CreditWatch positive including its $146.588 million term B loan due 2007, $38 million term A loan due 2006 and $40 million revolving credit facility due 2006 at B+.

S&P said the action is in response to Vertex's announcement that it is being acquired by higher-rated L-3 Communications Corp. (BB+/stable) for $650 million in cash.

Ratings on Vertex Aerospace will be withdrawn after the company's outstanding rated bank debt is repaid as part of the acquisition, S&P said.

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