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S&P rates TransDigm notes B-
Standard & Poor's said it assigned B- issue-level and 6 recovery ratings to TransDigm Inc.'s proposed $425 million 7¾% senior subordinated notes due 2014.
The agency affirmed the B+ corporate credit rating.
The outlook is stable.
Proceeds will be used to fund a dividend to its parent TransDigm Group Inc. (not rated), which will then make a special dividend to shareholders.
"Although the commercial aerospace market is in a downturn and the debt-financed dividend will result in weaker credit protection measures, the proven ability to control costs and maintain high margins should enable TransDigm to maintain a credit profile consistent with current ratings," S&P analyst Lisa Jenkins said in a statement.
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