Moody's ups Spirit AeroSystems notes

Moody's Investors Service said it upgraded its former Ba2 rating for $300 million of senior (previously unsecured) secured notes due 2026 of Spirit AeroSystems, Inc. to Baa3. Moody's also upgraded the company's speculative grade liquidity rating to SGL-3, from SGL-4, indicating a now adequate level of liquidity as anticipated for the coming year.

All other ratings remain on review for downgrade, including the company's Ba2 corporate family rating and Ba2-PD probability of default rating and the Ba2 ratings for the remaining (still unsecured) senior debt.

The rating upgrade for Spirit's senior secured notes due 2026 reflects the security pledge that was recently granted to the noteholders The Baa3 rating on the senior secured notes due 2026 reflects the now priority interest of these claims in substantially all assets of the company concerning other unsecured claims in the company's consolidated capitalization.

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