S&P cuts Wesco Aircraft, facility to B+

Standard & Poor's said it lowered its corporate credit rating on Wesco Aircraft Holdings Inc. to B+ from BB-.

The outlook is stable.

At the same time, the agency lowered its issue-level rating on subsidiary Wesco Aircraft Hardware Corp.'s secured credit facility to B+ from BB-. The 3 recovery rating on the facility is unchanged, reflecting the expectation that lenders would receive meaningful recovery (50%-70%; lower half of the range) in a default scenario.

"Our downgrade of Wesco reflects the company's very tight compliance with the leverage covenants on its revolving credit facility and term loan A because of its weak earnings, which have primarily declined due to increased costs and decreasing organic revenue," S&P credit analyst Christopher Denicolo said in a news release.

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