S&P assigns Moog notes BB-

Standard & Poor's said it assigned its BB- rating to Moog Inc.'s proposed $150 million subordinated notes due 2018, two notches below the corporate credit rating on the company.

The agency said that it assigned a 6 recovery rating to this debt, reflecting expectations of negligible recovery of principal and prepetition interest in the event of a payment default.

At the same time, S&P said it affirmed its other ratings on Moog, including the BB+ long-term corporate credit rating.

The outlook is stable.

According to the agency, the ratings on Moog reflect participation in the cyclical and competitive commercial aerospace and industrial markets, the likelihood of debt-financed acquisitions and the associated integration risk.

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