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Prospect News home > News index > List of issuers B > Headlines for B/E Aerospace Inc. > News item |
S&P assigns BE Aerospace notes BB
Standard & Poor's said it assigned its BB issue-level rating, one notch below the corporate credit rating, and five recovery rating to BE Aerospace Inc.'s offering of $650 million senior unsecured notes due 2020.
At the same time, the agency said it affirmed the BB+ corporate credit rating on the company and the BB issue-level rating and five recovery rating on the company's senior unsecured debt while it also raised its issue-level rating on the company's senior secured debt to BBB from BBB-, and revised the recovery rating to 1 from 2.
The outlook is stable.
S&P noted that it expects BE Aerospace to restore credit protection measures to levels more appropriate for the ratings, including total debt to EBITDA improving to below 3x and funds from operations to total debt increasing to 20% to 30% over the next one to two years.
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