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Moody's ups Spirit AeroSystems
Moody's Investors Service said it upgraded Spirit AeroSystems, Inc.'s corporate family rating and senior secured credit facilities to Ba3 from B1. The outlook is stable.
The agency said the upgrade reflects Spirit AeroSystems' revenue growth and strong financial performance in its first year of operating independence, relatively strong financial metrics despite substantial debt levels and good revenue visibility owing to long-term requirements contracts with original equipment manufacturers. The upgrade was also influenced by Moody's expectation that the company will used funds from its planned initial public offering for near-term debt reduction.
The ratings continue to be negatively impacted, however, by thin current free cash flow generation, Spirit AeroSystems' concentration of sales on essentially only two customers (Boeing and Airbus) and its relatively short operating history as a standalone company, Moody's said.
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