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AAR Corp. Jul 04
Standard & Poors, July 2004
Abstract
Largest independent provider of aviation support services; and Moderately leveraged capital structure. Difficult, albeit improving, conditions in the airline industry, the company's primary market; Low profitability; and Subpar credit protection measures. Standard & Poor's Ratings Services revised its outlook on AAR Corp. to stable from negative on July 2, 2004. The Wood Dale, Ill.-based provider of aviation support services has about $250 million of debt outstanding. The outlook revision was based on gradually recovering demand from the airline industry, AAR's primary market, the firm's return to profitability in the fiscal year ended May 31, 2004, and better liquidity. The ratings on AAR reflect the risks associated with highly cyclical conditions in the airline industry, offset partly by the company's established...
Companies mentioned in this report are: AAR Corp.
Action: Affirmed
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: Full Analysis
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