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Aeroflex Inc. Senior Secured Credit Facility Assigned Preliminary 'BB-' Rating (Preliminary Recovery Rating: '2') Apr 11
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
U.S.-based microelectronics and test & measurement equipment provider Aeroflex announced an $800 million senior secured debt refinancing comprised of a $75 million revolving credit facility and a $725 million term loan B. We are affirming our 'B+' corporate credit rating on Aeroflex. We are also assigning a preliminary recovery rating of '2' and a preliminary 'BB-' issue-level rating to Aeroflex's new senior secured facility. The stable rating outlook reflects our view that Aeroflex's mid-4x adjusted leverage, favorable position in its niche markets, and good profitability provide support for the current rating. NEW YORK (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services said today that it affirmed its 'B+' corporate credit rating on Plainview, N.Y.-based Aeroflex Inc. following the...
Companies mentioned in this report are: Aeroflex Inc.
Action: Affirmed
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