S&P rates Spirit notes BB-

Standard & Poor's said it assigned a BB- rating to Spirit AeroSystems Inc.'s proposed $300 million of senior notes due 2020, one notch lower than the corporate credit rating. The recovery rating is 5, indicating 10% to 30% recovery in a default.

The ratings reflect expectations that the company will maintain adequate liquidity and appropriate or better credit protection measures, despite near-term cash flow pressures resulting from continued liquidation of advance payments from Boeing Co., S&P said.

The ratings also take into account the company's participation in the competitive and cyclical commercial aerospace industry and reliance on one customer, Boeing, the agency said.

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