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AAR's $75 Million Convertible Senior Notes Rated 'BB-', Other Ratings Affirmed Jan 04
Standard & Poors, Jan 2004
Abstract
NEW YORK (Standard & Poor's) Jan. 29, 2004--Standard & Poor's Ratings Services said today it assigned its 'BB-' rating to AAR Corp.'s $75 million 2.875% convertible senior notes due 2024 sold via SEC Rule 144A with registration rights. The proceeds from the notes will be used to repurchase accounts receivable that have been securitized, to repay other debt, and for general corporate purposes. At the same time, Standard & Poor's affirmed its ratings, including the 'BB-' corporate credit rating, on the aviation support services provider. The outlook is negative. 'The ratings on Wood Dale, Ill.-based AAR reflect the risks associated with difficult conditions in the airline industry, the company's primary market; weak profitability; and subpar credit protection measures,' said Standard...
Companies mentioned in this report are: AAR Corp.
Action: New Rating
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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