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Spirit AeroSystems $HY lines (on double neg.) Collapse on Open

CREDIT UPDATE
  • Re. Boeing larger fall is coming from Spirit AeroSystems (-17% in pre-market vs. Boeing -7%) - the manufacturer of the fuselage is under focus given the Alaska aircraft was less than 3-months old (implying manufacturing not maintenance issue).
  • Statement from Spirit this (US) morning; "We are grateful the Alaska Airlines crew performed the appropriate procedures to land the airplane with all passengers and crew safe. At Spirit AeroSystems, our primary focus is the quality and product integrity of the aircraft structures we deliver. Spirit is a committed partner with Boeing on the 737 program, and we continue to work together with them on this matter. Spirit is following the protocols set by the regulatory authorities that guide communication in these types of circumstances and we will share further information when appropriate."
  • Its secured 9.75% 30's (B3 Neg, B- Neg) are opening -$4 at $103 - close to its lows since issuance (at par) in Mid Nov, 1st Lien 9.375% 29's (BB-, Ba2; N) opening -$2.3 & Snr Unsecured 4.6% 28's (Caa1, CCC+; N) -$5 at $82.
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