Fitch assigns AI Convoy loan B+

Fitch Ratings said it assigned an expected B+/RR3 to AI Convoy (Luxembourg) Sarl’s proposed €885 million and $1.188 billion first-lien senior secured debt. Fitch also assigned an expected rating of B to the company.

The company is the borrower and owner of U.K.-based aerospace and defense contractor, Cobham. “The ratings reflect the company's moderate business profile, characterized by good product, customer and geographical diversification, a long history of development of high tech products for the aerospace and defense industry as well as exposure to end-markets with good underlying demand dynamics,” said Fitch in a press release.

The outlook is stable.

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