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Polymer Group's $200 Million Sub Notes to 'D' after Senior Bank Lenders Block Interest Payment Mar 02 Product Image

Polymer Group's $200 Million Sub Notes to 'D' after Senior Bank Lenders Block Interest Payment Mar 02

  • ID: 1804401
  • March 2002
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) March 1, 2002- Standard & Poor's said today it lowered its rating on Polymer Group Inc.'s $200 million subordinated notes due 2008 to 'D' from single-'C' following the expected announcement that senior bank lenders exercised their right to block the nonwoven-materials producer's March 1, 2002, interest payment on the notes. The rating is removed from CreditWatch, where it was placed with negative implications March 14, 2001. Standard & Poor's double-'C' rating on Polymer's senior secured bank debt remains on CreditWatch with negative implications and would be lowered to 'D' upon a payment default, bankruptcy filing, or completion of other debt restructuring actions. The corporate credit rating on Polymer remains 'D'. Polymer, based in North Charleston,...

Companies mentioned in this report are: Polymer Group Inc.
Action: Downgraded, Off CreditWatch

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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