The coronavirus pandemic's effect on AAR Corp.'s credit metrics will likely be less significant than we previously expected. Therefore, we are revising our outlook on AAR to stable from negative and affirming our 'BB' issuer credit rating. The stable outlook reflects our expectation that the company's credit metrics will remain appropriate for the current rating supported by its improved margins and good free cash flow generation. While there is still some uncertainty around the recovery in the demand for commercial aircraft parts and MRO services, the stable outlook on AAR reflects that its credit metrics have improved and now have some cushion at the current rating. Specifically, we expect it to have FFO to debt of about 30%, debt to
