Fitch: TransDigm unaffected

Fitch Ratings said it expects TransDigm Group Inc.'s B long-term issuer default rating to remain unchanged following its planned acquisition of AmSafe Global Holdings, Inc.

It also expects TransDigm, Inc.'s ratings to be unchanged, including its B issuer default rating, the BB/RR1 ratings assigned to its senior secured revolving credit facility and term loan and the B-/RR5 rating assigned to its senior subordinated notes.

The company plans to finance the acquisition with a combination of cash and senior secured debt.

TransDigm's ratings are supported by the company's strong free cash flow, good liquidity and financial flexibility, which includes a favorable debt maturity schedule, Fitch said.

The agency's rating concerns include TransDigm's high leverage, which was 5.6 times at the end of fiscal 2011; long-term cash deployment strategy, which focuses on acquisitions; weak collateral support for the secured bank facility in terms of asset coverage; and risks to core defense spending after fiscal 2012.

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