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S&P upgrades Orbital ATK
Standard & Poor’s said it raised its ratings on Orbital ATK Inc. (formerly Alliant TechSystems Inc., or ATK) by one notch, including the corporate credit rating to BB+ from BB.
At the same time, S&P raised the issue-level rating on the secured debt to BBB from BBB-. The 1 recovery rating is unchanged, indicating an expectation for very high recovery (90%-100%) in a simulated default.
S&P also raised the issue-level rating on the unsecured debt to BB- from B+. The 6 recovery rating is unchanged, indicating an expectation for negligible (0%-10%) recovery.
S&P discontinued its B+ rating and the 6 recovery rating on the $350 million subordinated notes that the company repaid as part of the transaction.
The upgrade reflects key credit metrics that were largely unchanged as a result of a spinoff and merger, and increased confidence that credit metrics will not deteriorate, S&P said in a news release.
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