S&P rates AI Convoy (Cobham) first-lien debt B

S&P said it assigned B long-term issuer credit and issue ratings to AI Convoy (Luxembourg) Sarl (Cobham) and its first-lien debt. The recovery rating on the first-lien debt is 3.

The outlook is negative.

U.K.-based Cobham has been acquired by private-equity firm Advent and minority co-investor Blackstone.

“Cobham has leading niche market positions and established customer relationships with many defense leaders, aerospace original equipment manufacturers (OEMs), and government defense agencies, but has exhibited volatile profitability in recent years and has a highly leveraged capital structure,” S&P said in a news release.

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