S&P downgrades Moog

Standard & Poor's said it lowered the corporate credit rating on Moog Inc. to BB from BB+ and removed the rating from CreditWatch, where it was placed with negative implications on April 10.

The outlook is stable.

S&P said the downgrade reflects expectations of deteriorating credit protection measures in 2009, due to the effect of the global recession on key market segments, as well as higher debt levels to fund acquisitions.

The BB corporate credit rating reflects Moog's participation in the cyclical and competitive commercial aerospace and industrial markets, the likelihood of using debt to finance acquisitions and associated integration risk, the agency said.

Ratings benefit somewhat from leading positions in niche markets, the agency noted.

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