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S&P lowers Spirit AeroSystems
S&P said it lowered its rating on Spirit AeroSystems Inc. to B+ from BB-, the rating on the company’s first-lien debt to BB from BB+, the rating on its second-lien debt to B+ from BB- and the rating on Spirit’s unsecured debt to B- from B. The recovery ratings on the debt are unchanged.
“Recent cuts to the number of 737 MAX components Spirit will produce makes it unlikely funds from operations (FFO) to debt will improve above 12% in 2021, as previously expected. Boeing has reduced the number of MAX shipsets it wants Spirit to deliver in 2020 to 72 from 125; at the beginning of 2020 that number was 216,” S&P said in a press release.
The outlook is stable.
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