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AAR Corp.'s Ratings Lowered and Taken Off Watch; Outlook Negative Jan 02
Standard & Poors, January 2002
NEW YORK (Standard & Poor's) Jan. 10, 2002--Standard & Poor's today lowered its ratings on AAR Corp. and removed them from CreditWatch, where they had been placed Sept. 21, 2001 (see list below). The outlook is negative. The downgrade is based on weak operating performance and substantial charges for the quarter ended Nov. 30, 2001, resulting in an overall subpar financial profile. Furthermore, continued difficult conditions in the aviation support industry are likely to limit profitability, at least in the near term. AAR reported a $3 million net loss from operations, as revenues declined 30% compared with the same quarter a year earlier. About a 20% reduction in capacity and losses by most domestic airline customers following the Sept. 11...
Companies mentioned in this report are: AAR Corp.
Action: Downgraded, Off CreditWatch
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.