Form 8-K TRIUMPH GROUP INC For: May 03
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S&P Downgrades Triumph Group (TGI) to 'BB-'; Outlook Stable
May 5, 2016 2:49 PM EDTS&P Global Ratings said that it has downgraded Triumph Group Inc. (NYSE: TGI) to 'BB-' from 'BB'. The outlook is stable.
"The downgrade reflects the impact of the $1.3 billion in pre-tax charges that the company announced in the fourth quarter of fiscal year 2016 (ended March 31, 2016) on its earnings and cash flow, as well as the greater-than-expected declines in its revenue and earnings in fiscal year 2017 from production cuts on certain widebody and business jet aircraft," said S&P Global credit analyst Chris Denicolo. The proposed restructuring program--which the company expects will generate... More
