Industry Report Card: Stable Credit Quality Is Likely For U.S. Environmental Services Companies In 2012 Apr 12
- Language: English
- Published: April 2012
- Region: United States
This is our initial recovery report on Birmingham, Mich.-based damage recovery and restoration provider Belfor USA Group Inc. We recently assigned ratings to the company's $460 million senior secured credit facilities. The issue-level and recovery ratings on Belfor's senior secured credit facilities are outlined in table 1, below. Our recovery analysis incorporates a simulated default scenario based on a decline in demand for the company's services, increased competition in certain key markets, and collection risk severely affecting revenues and EBITDA. In the event of a default, we believe that the company would reorganize rather than liquidate, due to its strong presence in the global recovery and restoration market and its extensive network of relationships with insurance companies and property owners.
Companies mentioned in this report are: Belfor USA Group Inc.,BELFOR (Canada) Inc,BELFOR Europe GmbH
Belfor USA Group Inc.,BELFOR (Canada) Inc,BELFOR Europe GmbH