...- On Jan. 20, 2020, S&P Global Ratings assigned its preliminary 'B+' issuer credit and issue ratings to Spain-based aero structure and engineering services provider Aernnova Aerospace Corp. S.A. (Aernnova), along with a stable outlook. - Aernnova recently issued a 490 million term loan B and used part of the proceeds to repay all outstanding term debt. - Aernnova has leading niche market positions and established long-term customer relationships with key aerospace customers, but high customer concentration and average profitability. - We are assigning our 'B+' long-term issuer credit rating to Aernnova, and our 'B+' issue rating and '3' recovery rating to the company's term loan B, and revising our outlook to negative from stable. - The negative outlook reflects the fact that due to the global suspension of international and regional travel, and the likely impact it will have on the delivery and production rates of Aernnova's main customer Airbus, we see a risk that Aernnova may not maintain...
