Summary: AAR Corp. Jun 05

Standard & Poors, June 2005

Abstract
The ratings on AAR Corp. reflect the risks associated with highly cyclical conditions in the airline industry, the firm's primary market, offset in part by the company's established business position and moderately leveraged capital structure. The ratings also reflect expectations that AAR's profitability and credit protection measures will continue to improve. In the fiscal year ending May 31, 2005, AAR's sales and earnings grew materially, reflecting gains in most of its operations. This partly reversed a significant decline in business that stemmed from the severe downturn in the airline and commercial aviation sectors following the Sept. 11, 2001, events and other shocks to the aviation system. The return to modest profitability has been aided by extensive cost reductions, strength in...

Companies mentioned in this report are: AAR Corp.
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.

AAR Corp.

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