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S&P affirms Piedmont Hawthorne, rates MRO loan B+
Standard & Poor's said it affirmed its ratings, including the B+ corporate credit rating, on Piedmont Hawthorne Holdings Inc.
In addition, the agency said it assigned its B+ bank loan rating and 3 recovery rating to MRO Acquisition LLC's, a wholly owned subsidiary of Piedmont Hawthorne, proposed $300 million amended and restated credit facility.
The outlook is stable.
The agency said that the ratings on Piedmont Hawthorne reflect a highly leveraged balance sheet, weak financial profile and the competitive and cyclical nature of the general aviation services market, offset somewhat by the company's leading positions in markets served.
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