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Bulletin: Bradken Inc. Ratings And Outlook Unaffected By Parent's Debt Refinancing
Standard & Poors
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) May 4, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on Bradken Inc. (B+/Stable/--) are not affected by the announcement that its parent, Bradken Ltd., has refinanced its bank debt facilities. The company used part of the proceeds to pay its revolving line of credit and term loan facility in full. The company also announced its intention to redeem its 11% senior notes due 2011. The shared capital structure will reflect the greater integration of Bradken Inc. into the parent, providing support to the rating. We expect to withdraw the ratings on the notes once they are defeased. Bradken Inc., which had about $250 million in revenue in the 12 months...
Companies mentioned in this report are: Bradken Inc.
Action: Bulletin
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