S&P Ratings News July 13, 2009, 12:01AM EST

Aerospace and Defense: An S&P Ratings Report Card

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  Rated Aerospace/Defense Companies

Issuer Rating/Outlook*

AAR Corp. BB/Stable

Alliant Techsystems Inc. BB/Stable

ARINC Inc. B/Stable

AmeriQual Group LLC B-/Stable

Atlantic Marine Holding Co. B+/Positive

BAE Systems PLC BBB+/Stable

BE Aerospace Inc. BBB-/Watch Neg

Boeing Capital Corp. A+/Watch Neg

Boeing Co. A+/Watch Neg

Bombardier Inc. BB+/Stable

Colt Defense LLC B+/Stable

Communications & Power Industries Inc. B+/Stable

DAE Aviation Holdings Inc. B+/Watch Neg

DeCrane Aerospace Inc. B-/Developing

DynCorp International LLC BB/Stable

Embraer BBB-/Stable

Esterline Technologies Corp. BB/Stable

European Aeronautic Defence and Space Co. N.V. BBB+/Stable

Finmeccanica SpA BBB/Stable

GenCorp Inc. CCC+/Developing

General Dynamics Corp. A/Stable

Goodrich Corp. BBB+/Stable

Hawker Beechcraft Inc. CCC+/Negative

Heckler & Koch GmbH B-/Stable

Hexcel Corp. BB/Stable

Hunter Defense Technologies Inc. B+/Stable

Israel Aerospace Industries Ltd. BBB/Negative

Kaman Corp. BBB-/Stable

L-3 Communications Corp. BBB-/Stable

Lockheed Martin Corp. A-/Stable

Moog Inc. BB/Stable

MTU Aero Engines Holding AG BB+/Stable

Northrop Grumman Corp. BBB+/Stable

Orbital Sciences Corp. BB+/Stable

Precision Castparts Corp. BBB+/Stable

Raytheon Co. A-/Stable

Rockwell Collins Inc. A/Stable

Rolls-Royce PLC A-/Stable

Sequa Corp. B-/Negative

Spirit AeroSystems Inc. BB/Stable

Textron Inc. BBB-/Negative

Thales S.A. A-/Stable

TransDigm Inc. B+/Stable

Vought Aircraft Industries Inc. B-/Watch Pos

Wesco Holdings Inc. B+/Stable

*Ratings are as of July 9, 2009.

The authors are credit analysts for Standard & Poor's Ratings Services.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure

Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.

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