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Prospect News home > News index > List of issuers V > Headlines for Vertex Aerospace Services Corp. > News item |
S&P cuts Vertex, rates loan B
S&P said it downgraded Vertex Aerospace Services Corp.’s issuer rating to B from B+ and assigned B issue and 3 recovery ratings to its planned $890 million seven-year term loan.
Vertex agreed to buy Raytheon Technologies Corp.’s defense training, professional services, mission critical solutions, and modernization and sustainment business lines, which it will fund with a combination of debt and equity.
S&P said it downgraded Vertex because it expects the acquisition to boost Vertex’s leverage into the mid-6x area before retreating to under 6x in 2023.
The outlook is stable.
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