01:17 PM EDT, 05/31/2024 (MT Newswires) -- S&P Global Ratings on Friday affirmed its ratings on CAE (CAE.TO), including its "BBB-" issuer credit rating on the company.

The rating affirmation comes after CAE reported a re-baselining of its defense business, along with defense impairment charges and contract adjustments related to eight previously identified fixed-price legacy contracts.

"The stable outlook reflects our expectation that robust demand for CAE's civil aviation training solutions and prospective improvement in profitability within the defense segment should drive down leverage to 3x or lower within the next couple of years," the rating agency said.

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