S&P revises Esterline to stable

S&P said it revised its outlook on Esterline Technologies Corp. to stable from negative and affirmed all of its ratings, including the BB+ corporate credit rating.

"We revised our outlook on Esterline to stable to reflect the company's elevated earnings in recent quarters, which have improved its credit metrics to levels that are more appropriate for the current rating and lead us to expect further improvements over the next year," S&P credit analyst Tennille Lopez said in a news release.

"We anticipate that Esterline's funds from operations (FFO)-to-debt ratio will increase to the 30%-35% range in 2017, which is up from 27% in 2016 and is better than our previous forecast of 25%-30%."

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