Moody's upgrades MB Aerospace

Moody's Investors Service said it upgraded all the ratings of MB Aerospace Holdings II Corp. (MBA) by one notch, including the senior secured first-lien term loan and revolver to B3 from Caa1, and placed the ratings on review for further upgrade. The outlook has been changed to ratings under review from negative.

The upgrade follows the news that Barnes Group will buy MBA for an enterprise value of $740 million, Moody’s said. The sale is expected to close in the fourth quarter of 2023, subject to customary approvals, including those by regulatory authorities.

“The review for upgrade reflects (i) Moody's expectation that the completion of the sale would result in the repayment of all the group's outstanding debt and (ii) Moody's assessment of the much higher credit quality of the acquirer compared with that of MBA,” the agency said in a statement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.