Moody's Ratings upgrades to
B3
S&P Global Ratings upgrades to B-
RADNOR,
Pa., July 1, 2024 /PRNewswire/ -- Triumph
Group, Inc. (NYSE: TGI) ("TRIUMPH"
or the "Company") is pleased to share that both Moody's Ratings
(Moody's) and S&P Global Ratings (S&P) have upgraded the
Company's credit ratings.
Moody's upgraded TRIUMPH's
corporate family rating to B3 from Caa1 on June 28th citing materially reduced
leverage from paying off the 2025 notes in their entirety and a
portion of the 2028 notes. S&P upgraded TRIUMPH's issuer credit rating to B- from CCC+
on June 6th referencing
lower debt and favorable market conditions. Both credit agencies
rate TRIUMPH with a stable
outlook.
"TRIUMPH took important
strategic actions over the last year to create a more streamlined,
value-added and IP-based business with a much stronger balance
sheet," said Jim McCabe,
TRIUMPH's senior vice president
and chief financial officer. "These upgrades recognize our
commitment to increasing shareholder value through the cycle of
deleveraging benefits, supporting our multi-year targets for debt
reduction, EBITDAP margin expansion, and free cash flow
generation."
About TRIUMPH
TRIUMPH, headquartered in
Radnor, Pennsylvania, designs,
develops, manufactures, repairs and provided spare parts across a
broad portfolio of aerospace and defense systems and components.
The company serves the global aviation industry, including original
equipment manufacturers and the full spectrum of military and
commercial aircraft operators.
More information about TRIUMPH
can be found on the Company's website at www.triumphgroup.com.
Forward Looking Statements
Statements in this release which are not historical facts are
forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995, including statements of
expectations of or assumptions about guidance, financial and
operational performance, revenues, earnings per share, cash flow or
use, cost savings, operational efficiencies and organizational
restructurings and our evaluation of potential adjustments to
reported amounts, as described above. All forward-looking
statements involve risks and uncertainties which could affect the
Company's actual results and could cause its actual results to
differ materially from those expressed in any forward-looking
statements made by, or on behalf of, the Company. Further
information regarding the important factors that could cause actual
results to differ from projected results can be found in Triumph
Group's reports filed with the SEC, including our Annual Report on
Form 10-K for the fiscal year ended March
31, 2024.
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SOURCE Triumph Group