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S&P revises aerospace ratings
S&P said it reviewed all the recovery and issue-level ratings in the U.S. aerospace and defense sector for speculative-grade corporate issuers that were considered under criteria observation after the agency published its revised recovery ratings criteria Dec. 7.
With criteria review complete, S&P said it revised several issue-level and recovery ratings as appropriate.
The rating revisions do not reflect a change in the assessment of the company's default risk indicated by the corporate credit rating, the agency said, or the opinion of recovery given default indicated by the recovery ratings.
These actions stem solely from the application of the revised recovery criteria, S&P said.
ADS Tactical Inc.’s senior secured rating was upgraded to B from B- and its recovery rating was revised to 4H from 5L.
DynCorp International Inc.’s senior secured second-lien notes were upgraded to CCC from CCC- and its recovery rating was revised to 5L from 6.
Consolidated Aerospace Manufacturing LLC’s senior secured rating was downgraded to B+ from BB- and its recovery rating was revised to 3L from 2L.
Kratos Defense & Security Solutions Inc.’s senior secured rating was downgraded to CCC+ from B- and its recovery rating was revised to 5H from 4L.
Moog Inc.’s senior secured rating was downgraded to BB+ from BBB- and its recovery rating was revised to 3L from 2L.
Huntington Ingalls Industries Inc.’s senior secured rating was downgraded to BBB- from BBB with its recovery rating unchanged at 1. Its senior unsecured rating remains at BB+ but the recovery rating was revised to 3L from 4H.
Orbital ATK Inc.’s senior secured rating was downgraded to BBB- from BBB with its recovery rating unchanged at 1.
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