S&P: Kaman unchanged

Standard & Poor's said that Kaman Corp. (BBB-/stable) announced that it will be selling its music segment, Kaman Music Corp., to Fender Musical Instruments Corp. (B+/stable) for $117 million.

The agency said that its ratings and outlook on Kaman are not affected by this announcement.

Although S&P said it expects the company to use net proceeds from the sale to reduce bank borrowings, Kaman is likely to pursue small to mid-sized acquisitions related to its remaining aerospace and industrial distribution businesses.

Overall, credit protection measures should remain better than average for the rating, offsetting the firm's weak business risk profile, the agency added.

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