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S&P affirms Spirit AeroSystems
S&P said it affirmed all of its ratings on Spirit AeroSystems Inc., including the BBB- corporate credit rating.
The outlook remains stable.
Spirit AeroSystems announced that it plans to acquire Asco Industries NV for $650 million. The company also announced that it will purchase $725 million of its stock, financing $300 million with long-term debt, which along with the acquisition will cause its long-term debt to increase by $1 billion.
The agency said the affirmation reflects that the company's credit ratios will remain appropriate for the current rating despite deteriorating materially due to the proposed debt-financed acquisition and share repurchases.
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