S&P rates Spirit AeroSystems notes BBB-

S&P said it assigned a BBB- rating to Spirit AeroSystems Inc.'s proposed $300 million senior notes due 2026.

The proceeds will be used from these notes to refinance the company’s existing $300 million 6.75% senior notes due 2020.

The proposed transaction is not expected to significantly alter the company's credit metrics, the agency said.

The ratings reflect the company's position as one of the world's largest independent suppliers of structures for commercial aircraft, good balance of mature and in-development programs, increased profitability and the divestiture of its unprofitable jet-wing business last year, S&P said.

The company's strong credit metrics and the solid demand in its mature 737 program offset the risks surrounding the execution of its A350 program and ongoing negotiations with Boeing involving the pricing on its existing programs, the agency said.

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