S&P puts Aerostructures on developing watch

Standard & Poor's put Aerostructures Corp. on CreditWatch developing including its $130 million term loan B due 2008 and $35 million revolving credit facility due 2007 at BB-.

S&P said the CreditWatch placement follows the announcement that Aerostructures will be acquired by privately held Vought Aircraft Industries Inc.

The ratings on Aerostructures could be lowered or raised depending on the details of the transaction and the credit quality of the combined entity. Ratings could be withdrawn if the company's outstanding rated debt is repaid as part of the deal.

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