...- Spain-based aerostructure and engineering services provider Aernnova Aerospace Corp. S.A. is issuing a 490 million term loan B to finance a shareholder dividend and potential acquisitions. - Aernnova has leading niche market positions and established long-term customer relationships with key aerospace customers, but S&P Global Ratings' credit rating on the group is constrained by Aernnova's high customer concentration and average profitability. - We assess the group as having a fair business risk profile and aggressive financial risk profile. - We are assigning our preliminary 'B+' long-term issuer credit rating to Aernnova; and our preliminary 'B+' issue rating and '3' recovery rating to the company's term loan B. - The stable outlook reflects our expectations that Aernnova will continue to deliver on its business strategy, increasing its backlog and revenue growth and credit metrics will remain commensurate with an aggressive financial risk profile, including S&P Global Ratings-adjusted...
