S&P lowers Kaman to BB+

Standard & Poor's said it lowered its corporate credit rating on Kaman Corp. to BB+ from BBB- and removed the rating from CreditWatch, where it was placed with negative implications on Nov. 26.

The outlook is stable.

S&P said it bases the downgrade primarily on a reassessment of the company's financial risk profile, which it now views as "significant." It had previously considered Kaman's financial risk profile to be "intermediate."

As a result of acquisitions and cyclical and competitive pressures in the industrial distribution business, Kaman's credit metrics are now more in line with a "significant" designation.

S&P said it believes that Kaman will continue to make acquisitions and that both the industrial distribution and defense businesses will experience some headwinds over the coming year.

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