TransDigm is taking on $900 million in debt, and credit rating agencies are not bestowing the new leverage with their highest grades. Indeed, with the U.S. Federal Reserve bank preparing to raise interest rates starting this fall, a casual observer could expect investors to steer clear of this provider of highly engineered aircraft parts. Guess again. The Cleveland-based company’s stock has gained almost 16% in price through mid-May, and 810% over the past decade since it went public. ...

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