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Baker Tanks Ratings Placed On Watch Developing; Equity Firm Agrees To Purchase Baker
Standard & Poors, Oct 2005
Abstract
NEW YORK (Standard & Poor's) Oct. 21, 2005--Standard & Poor's Ratings Services today placed its ratings on Baker Tanks Inc., including the 'B' corporate credit rating, on CreditWatch with developing implications. The CreditWatch placement follows the announcement that The Lightyear Fund L.P., a private equity firm, has entered into a definite purchase agreement to acquire Baker Tanks from Code Hennessy & Simmons LLC, another private equity firm. No details on the transaction have been provided. 'If the acquisition is financed in such a way as to improve the company's financial profile, ratings could be raised,' said Standard & Poor's credit analyst Betsy Snyder. 'Alternatively, if the acquisition resulted in a weaker financial profile, ratings could be lowered,' she continued. Ratings...
Companies mentioned in this report are: BakerCorp
Action: On CreditWatch:Developing
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.
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