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Moody's changes LMI to SGL-3
Moody's Investors Service said it revised LMI Aerospace Inc.'s speculative grade liquidity rating to SGL-3 from SGL-2 reflecting LMI's greater than expected reliance on its revolver due to ongoing consumption of cash for working capital investment, elevated capital spending and the under performance of the recently acquired Valent operations.
LMI's B1 corporate family rating, B2-PD probability of default rating and B1 rating on its $125 million revolver and $225 million term loan are unaffected at this time.
The outlook remains stable.
The SGL-3 speculative grade liquidity rating incorporates Moody's view that free cash flow will be negative in 2013, with the second half of the year and 2014 becoming modestly positive.
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