Vertex Aerospace Credit Rating Upgraded to B+; S&P Says Outlook Stable
MADISON, Miss., May 21, 2020 /PRNewswire/ -- S&P Global, a top market intelligence firm, recently upgraded Vertex Aerospace's corporate credit rating to B+ with a stable outlook. This update comes less than two years after the mid-level aerospace company was acquired by New York-based private equity firm American Industrial Partners (AIP) for $540M.
In support of upgrading Vertex's rating, S&P cited the Company's strong liquidity position, growing profitability, and continuous improvement in its credit metrics. The upgrade, coupled with a stable outlook, is a signal to the market that S&P expects these favorable trends to continue.
"We're honored to have such a reputable external source, such as S&P, note our strong performance with the expectation it will continue," said Ed Boyington, Vertex Aerospace President and CEO. "Receiving this credit rating upgrade after becoming a stand-alone company reflects the success of our integrated business strategy and gives the collective Vertex team a great sense of accomplishment."
S&P has provided real-time data and financial insight on thousands of companies worldwide for over 100 years. The Company's ratings are heavily relied upon by investors and debt holders as they position their portfolios.
"Vertex's continued success is directly attributed to the lean business practices we have implemented since our divestiture from L3 in 2018," said Bob Sill, Vertex Aerospace Senior Vice President of Finance and Chief Financial Officer. "It's particularly gratifying and noteworthy to receive an S&P upgrade during such challenging economic times. We are all extremely proud of this recognition."
Vertex Aerospace, formerly named L3 Vertex Aerospace, was purchased by AIP in June 2018, along with its subsidiaries, Crestview Aerospace in Crestview, Florida, and TCS in Warner Robins, Georgia. This acquisition established the Company as a one-stop-shop solution offering full aftermarket aerospace services worldwide.
About Vertex Aerospace
Vertex Aerospace offers a global capability and complete solution for aftermarket aerospace services for government and commercial customers. The Company's international presence and vast range of services has distinguished it from competitors for over 45 years. The Mississippi-based Company operates in over 100 locations worldwide and is proud to have a 50 percent veteran employee rate. Information about Vertex can be found at vtxaero.com.
POC: Rachel C. Henson
Corporate Communications Manager
rachel.c.henson@vtxaero.com
Wk: 601-607-6552
Cell: 601-760-9297
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SOURCE Vertex Aerospace
