Moody’s changes TransDigm view to stable

Moody’s Investors Service said it revised the outlooks for TransDigm Inc. and its subsidiary TransDigm Holdings UK plc to stable from negative.

“The stable outlook recognizes TransDigm’s earnings growth over the last few quarters and the resultant reduction in leverage as well as Moody’s expectations of favorable execution on the Esterline acquisition. Since the close of the Esterline transaction in March 2019, TransDigm has successfully enhanced its margins, signed agreements to divest non-core parts of the Esterline business and increased revenues and operational throughput.

“The stable outlook also reflects Moody’s expectations of a favorable operating environment going forward that should support continued sales and earnings growth and robust levels of cash generation,” said Moody’s in a press release.

The agency affirmed all TransDigm’s ratings, including the B1 corporate family, the B1-PD probability of default, the Ba3 senior secured and the B3 senior subordinated.

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