Moody's lifts Esterline notes to Ba3

Moody's Investors Service said it raised the corporate family rating of Esterline Technologies Corp. to Ba2 from Ba3 and upgraded the rating on $175 million in senior subordinated notes to Ba3 from B1.

The outlook is stable.

Moody's said the upgrade reflects the company's strong operating performance that has resulted in substantially improved operating metrics, a demonstrated ability to successfully carry out its acquisition strategy without use of substantial leverage and favorable economic conditions in the company's prime customer sector as supplier to aircraft original equipment manufacturers.

Ratings are constrained by the company's modest revenue base and a degree of continued uncertainty in the size and scope of future acquisitions, and risks associated with integrating such purchases.

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