Moody's: API unchanged

Moody's Investors Service said the B2 corporate family and bank loan ratings of API Technologies, Inc., that were initially assigned on May 12, are unaffected by revisions to the planned credit facility.

API will use the facility along with an equity contribution to acquire Spectrum Controls, Inc.

S&P said that while it acknowledges slightly weaker interest coverage and a smaller than expected revolver, the deal's equity component has risen and helps support the assigned ratings.

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