S&P ups Park Aerospace notes, rates new notes

S&P said it assigned its BB issue-level rating and 5 recovery rating to Park Aerospace Holdings Ltd.'s senior unsecured notes. The 5 recovery rating indicates an expectation that lenders would receive modest recovery (10%-30%; rounded estimate: 15%) of their principal in the event of a payment default.

At the same time, the agency raised the issue-level rating on Park's unsecured notes due 2022 and 2024 to BB from BB- and revised the recovery rating to 5 from 6, reflecting an expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default.

All other ratings on Park and its parent Avolon Holdings Ltd. remain.

S&P said the corporate credit rating reflects both the bb+ stand-alone credit profile on the company and the agency’s assessment that it is an insulated subsidiary of Bohai Capital Holding Co. Ltd., whose controlling shareholder is China-based HNA Group.

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