Moody's rates Spirit notes Ba3

Moody's Investors Service said it assigned a Ba3 (LGD 5, 81%) rating to Spirit AeroSystems, Inc.'s proposed $300 million of senior notes due 2020.

The agency also said it has upgraded the company's existing $300 million 7½% senior notes due 2017 to Ba3 (LGD 5, 81%) from B1, affirmed the company's Ba2 corporate family and probability of default ratings and affirmed its $650 million senior secured revolving credit facility due September 2014, $130.2 million senior secured term loan due September 2013 and $437.4 million senior secured term loan due September 2016 at Ba1 (LGD 3, 31%).

The outlook is stable.

The proceeds will be used to repay borrowings under the senior secured revolving credit facility and general corporate purposes. The notes will rank pari-passu to the company's existing 7½% notes due 2017, Moody's said.

The ratings reflect the higher proportion of the company's debt at the unsecured level, Moody's said.

The affirmations consider the company's leading position in the aerostructures market, strong credit metrics and operating margins, the agency said, and recent improvement in the debt maturity profile.

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