Moody's boosts Esterline notes

Moody's Investors Service said it upgraded the ratings of Esterline Technologies Corp.'s $175 million senior unsecured global notes due 2017 to Ba2 LGD3 49% from Ba3 LGD4 67% and affirmed all other ratings including the company's Ba2 corporate family and probability of default ratings.

The outlook remains stable.

The agency said that the upgrade of the $175 million senior unsecured global notes follows Esterline's prepayment of $166 million of senior secured term loan debt since April 2007.

The senior secured debt prepayment has reduced the amount of senior secured debt within the company's capital structure, improving recovery prospects for the senior unsecured debt class in a default scenario, Moody's said.

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