Recovery Report: Manitowoc Co. Inc.'s Recovery Rating Profile
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: Full Analysis
Abstract
We are assigning issue-level and recovery ratings to Manitowoc Co. Inc.'s proposed senior secured credit facilities. The company will use the proceeds from the proposed facilities to refinance existing senior credit facilities. Our simulated default scenario contemplates a payment default in 2014 resulting from a protracted economic downturn and reduced capital spending in the company's key end markets which leads to reduced demand for the company's food service products. We believe that Manitowoc would reorganize rather than liquidate in a default scenario. Once the transaction is completed, the pro forma capital structure of the company will include a five-year $500 million senior secured revolving credit facility, a five-year $300 million term loan A, and a six-year $350 million term loan...
Companies mentioned in this report are: Manitowoc Co. Inc.
Manitowoc Co. Inc.
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