Moody's confirms Triumph, gives loan Baa3, notes Ba3

Moody's Investors Service said it confirmed the Ba2 corporate family and probability of default ratings of Triumph Group, Inc. and affirmed the SGL-2 speculative-grade liquidity rating.

Moody's said it also lowered the senior subordinated notes rating to B1 from Ba3.

These actions complete the review for possible downgrade initiated on March 23 upon the announcement of Triumph's proposed acquisition of Vought Aircraft Industries, Inc., the agency said, adding that ratings on Vought were affirmed with the corporate family rating at B2.

The outlook is stable.

In connection with financing for the Vought acquisition, Moody's said it assigned a Baa3 rating to the company's proposed $300 million senior secured term loan B, and a Ba3 rating assigned to the proposed $400 million senior unsecured notes.

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