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Recovery Report: American Residential Services LLC's Recovery Rating Profile

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Abstract
Standard & Poor's Ratings Services is assigning issue-level and recovery ratings to Memphis, Tenn.-based American Residential Services LLC's (ARS) $50 million senior secured holding company notes due 2015. We are also affirming our issue-level and recovery ratings on the existing $165 million senior secured second-lien notes due April 2015. Our simulated default scenario contemplates a payment default in 2013 as a result of weak operating performance in key markets amid heightened competitive pressures. The existing capital structure consists of a $50 million senior secured revolving credit facility and $165 million of senior secured second-lien notes. The issuance of $50 million of senior secured notes will be issued at a newly formed holding company. The issuers of the $165 senior secured...

Companies mentioned in this report are: American Residential Services LLC

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

Companies Mentioned

American Residential Services LLC

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Recovery Report: American Residential Services LLC's Recovery Rating Profile

Fax order form

Order information

Product name

Web Address

Office Code

Report Formats

Contact information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Payment information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)