S&P puts Aviall on positive watch

Standard & Poor's said it placed Aviall Inc.'s BB corporate credit and senior unsecured debt ratings on CreditWatch with positive implications to reflect the pending acquisition of the aviation parts distributor by higher-rated Boeing Co. (A/stable/A-1) for $2 billion, including $350 million in assumed debt.

Boeing has offered to pay $48 per share in cash for Aviall's outstanding common stock, totaling $1.7 billion. If Aviall's rated debt is repaid, the agency said it will withdraw all of the company's ratings. The transaction is expected to close in the third quarter following Aviall shareholder and customary regulatory approvals.

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