S&P affirms Esterline

Standard & Poor's said it affirmed its ratings, including the BB corporate credit rating, on Esterline Technologies Inc.

The outlook is stable.

S&P said the affirmation follows the announcement that the company plans to offer 3.2 million shares of common stock, worth about $110 million at current prices. The offering also contains a 15% greenshoe option. The proceeds from the sale are likely to be used to fund future acquisitions.

The ratings on Esterline reflect the company's exposure to the weak commercial aerospace market and an active acquisition program, offset somewhat by a diversified revenue base and moderate debt leverage, the agency said.

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