Vertex Aero credit rating gets boost

MADISON, Miss. - S&P Global, a market intelligence firm, has upgraded Vertex Aerospace's corporate credit rating to B+ with a stable outlook. This update comes less than two years after the Mississippi-based aerospace company was acquired by New York-based private equity firm American Industrial Partners (AIP) for $540M. In support of the upgrade, S&P cited the company's strong liquidity position, growing profitability, and continuous improvement in its credit metrics. The upgrade is a signal to the market that S&P expects favorable trends to continue. "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 VP of Finance/CFO. "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, Fla., and TCS in Warner Robins, Ga. The acquisition established the company as a one-stop shop solution offering full aftermarket aerospace services worldwide. The Mississippi firm operates in more than 100 locations worldwide and has a 50 percent workforce of military veterans. Information about Vertex can be found at vtxaero.com. (Source: Vertex Aerospace 05/21/20)