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Bulletin: ISS Ratings Unaffected By Refinancing Plans
Standard & Poors, May 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
STOCKHOLM (Standard & Poor's) May 8, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on ISS group entities FS Funding A/S (B+/Stable/--), ISS A/S (B+/Stable/B), and ISS Global A/S (B+/Stable/--) remain unchanged following the group's announcement of refinancing plans including raising new funding for future acquisitions. This is expected to include new term loan facilities of -1.14 billion and a second lien facility of about -600 million. The proceeds may be used to refinance large amounts drawn under existing acquisition facilities, repay some or all senior subordinated floating rate notes due 2016, or redeem part of a -500 million EMTN bond maturing 2014. The refinancing is not expected to include any dividends to shareholders. The funding...
Companies mentioned in this report are: ISS World Services A/S,ISS Global A/S,ISS A/S
Action: Bulletin
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