Moody's cuts Hawker Beechcraft

Moody's Investors Service said it downgraded the ratings of Hawker Beechcraft Acquisition Co. LLC, including the probability of default rating to Ca from Caa3.

Concurrently, the agency said it assigned a limited default designation because Moody's believes that the company deferred bank debt interest that was due March 30th.

According to Moody's, credit facility forbearance until June 29 has been arranged for the interest deferral, financial covenant and other breaches.

The agency said the negative outlook continues, reflecting Hawker Beechcraft's ongoing pursuit of a financial restructuring that would likely result in significant loss for creditors.

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