Fitch affirms TransDigm rating |
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Published
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Mon, 22 Jan 2007 22:10
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NEW YORK (AFX) - Fitch Ratings on Monday affirmed ratings for aerospace supplier TransDigm Group Inc. and removed a subsidiary's senior subordinated notes from Rating Watch Negative.The credit-rating agency said it placed the notes on Rating Watch Negative earlier this month after TransDigm announced its $430 million acquisition of Aviation Technologies Inc.Besides affirming the 'B-' rating on the senior subordinated notes, Fitch said it affirmed the 'B' issuer default ratings of TransDigm Group and subsidiary TransDigm Inc.Fitch said it revised the rating outlook on TransDigm's outstanding ratings to negative from stable, matching its rating outlook for the senior subordinated notes.TransDigm Group has strong free cash flow, but Fitch said it also has concerns about the company's high leverage.TransDigm shares fell 40 cents to $26.60 in afternoon trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Fiat ratings could be raised in H2 2007 - Fitch analyst 