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A Year In The Life: Recovery Ratings In Europe
Standard & Poors, May 2005
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Among the more than 65 recovery ratings assigned to European borrowers since Standard & Poor's Ratings Services' launch of the recovery rating scale in Europe in May 2004, we have analyzed a number of unusual transactions. This article highlights these more distinctive debt issues. It considers how certain structural features of these transactions were dealt with, and the subsequent impact on both the recovery and issue ratings. Standard & Poor's assigns recovery ratings to secured issues, loans, or bonds. The recovery rating scale estimates the likely recovery of principal in the event of default and is not linked to the corporate credit rating (this article should be read in conjunction with the criteria article 'European Recovery Rating Scale Methodology: 2005...
Companies mentioned in this report are: Eutelsat S.A.,Impress Holdings B.V.,Rheinmetall AG,Ashtead Group PLC,Ineos Holdings Ltd.,Cognis Deutschland GmbH & Co. KG,Smurfit Kappa Acquisitions,Gate Gourmet Borrower LLC,IT Holding SpA,Brenntag AG,Cablecom Holdings AG,TRUVO Subsidiary Corp.,Global Crossing (U.K.) Telecommunications Ltd.,SatBirds Finance Sarl,Damovo Group S.A.
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