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AAR Corp.'s Proposed Unsecured Notes Rated 'BB', Recovery Rating '4'; Ratings On Existing Convertible Notes Lowered Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 11, 2012--Standard & Poor's Ratings Services today assigned its 'BB' issue rating to U.S.-based aerospace supplier AAR Corp.'s proposed issuance of $175 million of senior unsecured notes due 2022. We also assigned the notes a '4' recovery rating, indicating our expectation that noteholders would receive average (30%-50%) recovery in a payment default scenario. At the same time, we lowered our issue ratings on the company's existing convertible notes to 'B+' from 'BB-' and revised the recovery rating to '6' (indicating negligible recovery expectations) from '5'. The downgrade is due to the fact that the convertible notes do not have subsidiary guarantees, so they are structurally subordinated to the new notes and the existing unsecured...
Companies mentioned in this report are: AAR Corp.
Action: Downgraded
Action: New Rating
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.
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