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AAR Corp. Ratings Affirmed, Off CreditWatch; Outlook Negative Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 16, 2003--Standard & Poor's Ratings Services said today that it affirmed its ratings, including the 'BB-' corporate credit rating, on AAR Corp. All ratings are removed from CreditWatch, where they were placed on Feb. 19, 2003. The outlook is negative. Outstanding debt is about $250 million. 'The affirmation is based on AAR's improved liquidity following the completion of a $30 million secured (by inventory) revolving credit facility with Merrill Lynch Capital and partial prepayment of $50 million of notes due October 2003,' said Standard & Poor's credit analyst Roman Szuper. 'The company's cash and equivalents exceed the remaining $22.6 million balance of these notes,' the analyst continued. The reduction in the notes stems from...
Companies mentioned in this report are: AAR Corp.
Action: Affirmed, 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.
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