Moody’s rates Advanced Integration CFR, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B3-PD probability of default rating to Advanced Integration Technology LP.

Concurrently, the agency assigned B2 ratings to the company's proposed $60 million senior secured revolving credit facility due 2021 and $315 million senior secured term loan due 2023.

The outlook is stable.

Proceeds will be used to fund a distribution to shareholders.

Moody’s said the B2 corporate family rating reflects the company's modest size, high degree of customer concentration, and the cyclical nature of Advanced Integration’s OEM customer base.

Notwithstanding, its relatively small scale, Moody's believes Advanced Integration is well-positioned to benefit from the growing use of automation in commercial aerospace (its largest segment) as OEM and tier one customers seek to boost throughput and reduce costs in the face of record multi-year backlogs.

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