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American Residential Services LLC Ratings Affirmed; $50M Notes Assigned 'CCC+' (Rec Rtg: 6)
Standard & Poors, May 2011
Abstract
U.S.-based American Residential Services LLC's indirect parent, ARS Intermediate Holdings LLC, issued $50 million of senior secured notes to finance a dividend to its equity holders. We are affirming our existing ratings on the company, and assigning our 'CCC+' issue rating on the issuance. The outlook is negative, reflecting our assessment that the pro forma capital structure provides inadequate downside protection should operating performance deteriorate, even on a temporary basis. CHICAGO (Standard & Poor's) May 11, 2011--Standard & Poor's Ratings Services said today it affirmed its corporate credit rating on Memphis, Tenn.-based American Residential Services LLC (ARS) at 'B'. The rating outlook is negative. At the same time, we affirmed our issue-level rating on the company's $165 million senior secured...
Companies mentioned in this report are: American Residential Services LLC,ARS Finance Inc,ARS Intermediate Holdings LLC
Action: New Rating
Action: Outlook: Negative
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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