Industry Report Card: Global Aerospace & Defense Jan 05

Standard & Poors, January 2005

Abstract
The commercial aerospace sector experienced moderate rating activity (all in North America) since the release of the last report card, published Oct. 7, 2004. Two issuers, Bombardier Inc. (BB/Watch Neg/--) and K & F Industries Inc. (B+/Stable/--), were downgraded. Outlooks were revised on five companies: BE Aerospace Inc. (B+/Stable/--; from negative), Boeing Co. and Boeing Capital Corp. (A/Stable/A-1; from positive), Honeywell International Inc. (A/Stable/A-1; from negative), and Vought Aircraft Industries Inc. (B+/Negative/--; from stable). Most rating actions stemmed from company-specific issues rather than industry fundamentals, although the weakness in the U.S. airline industry and reduced prospects for 50-seat regional jets were contributing factors in Bombardier's downgrade. Currently, 35%-40% of firms that derive a significant portion of their revenues or earnings...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Boeing Co.
- GenCorp Inc.
- General Dynamics Corp.
- Goodrich Corp.
- Kaman Corp.
- Boeing Capital Corp.
- Moog Inc.
- Raytheon Co.
- Textron Inc.
- United Technologies Corp.
- Honeywell International Inc.
- Hexcel Corp.
- BAE Systems PLC
- Finmeccanica SpA
- European Aeronautic Defence and Space Co. N.V.
- AAR Corp.
- Sequa Corp.
- Thales S.A.
- K&F Industries Inc.
- Bombardier Inc.
- Orbital Sciences Corp.
- BE Aerospace Inc.
- Sabreliner Corp.
- Alliant Techsystems Inc.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- Communications & Power Industries Inc.
- L-3 Communications Corp.
- Argo-Tech Corp.
- United Defense Industries Inc.
- Precision Castparts Corp.
- DeCrane Aerospace Inc.
- TransDigm Inc.
- Rolls-Royce PLC
- Vought Aircraft Industries Inc.
- Rockwell Collins Inc.
- DRS Technologies Inc.
- Aviall Inc.
- Britax Group PLC
- Esterline Technologies Corp.
- Armor Holdings Inc.
- Avio Holding SpA
- ARINC Inc.
- MTU Aero Engines GmbH
- Wornick Co. (The)
- Heckler & Koch GmbH
- Piedmont Hawthorne Holdings Inc.

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