Summary: Spirit AeroSystems Inc. Dec 11

Standard & Poors, December 2011

Abstract
The ratings on Wichita, Kan.-based Spirit AeroSystems Inc. (Spirit) incorporate Standard & Poor's Ratings Services' expectation that increasing levels of working capital and capital expenditures to support new programs and increasing delivery rates will likely limit free cash flow generation in 2012. Spirit currently has several programs in various stages of development, which increase the risk of future disruptions in profitability and cash flow if these programs cost more than expected or encounter delays, which has occurred often in the past. We assess the company's business risk profile as "fair" (as our criteria define the term), given Spirit's limited customer diversity, which its position as the largest supplier of commercial aerostructures partly offsets. We view Spirit's financial risk as "significant,"...

Companies mentioned in this report are: Spirit AeroSystems Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Spirit AeroSystems Inc.

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