United Rentals Subsidiary's Secured Notes Rated 'BB-', Unsecured Notes Rated 'B'; Existing Issue Removed From Watch Neg Feb 12
- Language: English
- Published: February 2012
NEW YORK (Standard & Poor's) March 8, 2012--Standard & Poor's Ratings Services today assigned its 'BB' issue-level rating to BE Aerospace Inc.'s planned $500 million senior unsecured notes maturing in 2022, one notch below the corporate credit rating. The recovery rating is '5', indicating our expectation that noteholders would receive modest (10%-30%) recovery in a payment default. We expect the U.S.-based aircraft supplier to use note proceeds toward repayment of borrowings under its revolving credit facility, which it drew to partially finance the $400 million acquisition of UFC Aerospace Corp. in January 2012. The corporate credit rating and outlook on BE Aerospace reflect our expectations that the company's earnings will increase, with a boost from acquired operations, and that commercial...
Companies mentioned in this report are: BE Aerospace Inc.
Action: New Rating
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BE Aerospace Inc.