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Allison Transmission Inc. Proposed $500 Million Senior Unsecured Notes Rated 'CCC+'; Recovery Rating '6'
Standard & Poors, April 2011
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
NEW YORK (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services said today that it assigned its 'CCC+' issue-level rating and a '6' recovery rating to Allison Transmission Inc.'s proposed $500 million senior unsecured notes due 2019. A recovery rating of '6' indicates our expectation that lenders will receive a negligible recovery (0 to 10%). We expect that the proceeds raised by the offering will be used to repay the $505 million in senior toggle notes due 2015. The company recently commenced a cash tender offer for the toggle notes. The proposed notes will be unsecured senior obligations of Allison Transmission Inc. and will rank equally with all of its existing and future unsecured senior debt, will be junior...
Companies mentioned in this report are: Allison Transmission Inc.
Action: New Rating
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