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Recovery Report: Brightstar Corp.?s Recovery Rating Profile
Standard & Poors, May 2011
Standard & Poor's Ratings Services is updating its recovery analysis on Brightstar Corp. to reflect the issuance of an additional $100 million of senior unsecured notes. The company intends to use the proceeds to fund the acquisition of eSecuritel. The company's issue-level and recovery ratings remain unchanged. Our simulated default scenario contemplates a default in 2015 due to a double dip in the economy leading to sluggish sales, coupled with increasingly obsolete inventory. Brightstar Corp. is the borrower of the $350 million senior unsecured notes, increased from $250 million in December 2010, when we first rated the notes. The company also has access to a $500 million asset-backed revolving credit facility (ABL), various foreign subsidiary credit lines, and some trade...
Companies mentioned in this report are: Brightstar 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