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Recovery Report: PQ Corp.'s Recovery Rating Profile May 11
Standard & Poors, May 2011
We have updated our recovery analysis on specialty chemical producer PQ Corp. to reflect about $245 million of first lien debt paydown in conjunction with the contemplated separation of Potters, a division of PQ Corp., into a stand-alone company. The issue-level and recovery ratings on the company's senior secured first-lien and second lien credit facilities remain unchanged (see table 1 below). Our recovery analysis incorporates a simulated default scenario, caused by a combination of factors that lead to significant volume and pricing pressures from deterioration in the company's end-markets. Our recovery analysis reflects the outstanding pro forma capital structure consisting of: a $200 million revolving credit facility due 2013, a $860 million first lien term loan due 2014, and a...
Companies mentioned in this report are:
- PQ Corp.
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