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Aeroflex Inc. 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: Full Analysis
Abstract
Substantial barriers to entry within its niche; and Fabless operating strategy. Narrow product focus; Highly competitive and cyclical industry conditions; and High leverage. Standard & Poor's Ratings Services expects Aeroflex Inc.'s leverage to continue improving toward the 4x area over the next four quarters, reflecting our anticipation of higher revenues and margins, as it integrates recent acquisitions. Aeroflex is a fabless semiconductor company emphasizing the design and marketing of proprietary radiation-tolerant microelectronics products for space, as well as test and measurement equipment to the communications, defense, and aerospace markets. Its primary customers are the U.S. government and its defense and aerospace contractors, with increasing exposure to wireless infrastructure manufacturers. While it enjoys exposure to typically stable government and defense customers,...
Companies mentioned in this report are: Aeroflex Inc.
Action: Review
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