United Rentals Subsidiary's Secured Notes Rated 'BB-', Unsecured Notes Rated 'B'; Existing Issue Removed From Watch Neg Feb 12
- Language: English
- Published: February 2012
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
Standard & Poor's Ratings Services has completed its review of the recovery and issue-level ratings assigned to San Francisco-based engineering and construction company URS Corp.'s senior secured credit facilities. Our simulated default scenario contemplates a default occurring in 2015 as the engineering and construction industry continues to experience a severe downturn, resulting in the loss of some of the company's largest contracts. In a default scenario, given the URS' market leading positions in engineering and construction, we believe the business would retain greater value as a reorganized entity. URS' senior secured credit facilities consist of a $700 million revolver due November 2012, a $1.1 billion term loan A due November 2012 with $490 million outstanding, and a $300 million term...
Companies mentioned in this report are: URS Corp.