NEW YORK (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings today said that it assigned its'BB-'issue-level and'3'recovery ratings to AAR Corp.'s proposed $955 million senior unsecured notes due 2031 and $960 million senior unsecured notes due 2034, in line with the issuer credit rating and existing senior unsecured notes. The'3'recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. Our'BB-'issuer credit rating on AAR is unchanged. We expect AAR will use the proceeds to fund the acquisition of MRO Holdings (MROH) and refinance MROH's existing debt. The company also recently closed on a new upsized revolving credit facility of $1.375 billion, which is not rated.
