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S&P downgrades Triumph
S&P said downgraded Triumph Group Inc. to BB- from BB.
The outlook is stable.
The downgrades reflect the impact of the $1.3 billion in pre-tax charges announced in the fourth quarter of 2016 on the company’s earnings and cash flow, as well as the greater-than-expected declines in its revenue and earnings in fiscal year 2017, S&P said.
The proposed restructuring program, which the company expects will generate $300 million in annual savings by fiscal year 2019, should improve Triumph's margins over the next few years, the agency said.
But EBITDA margins will likely not return to their pre-2015 levels until fiscal year 2019, S&P said.
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