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

  • ID: 1804401
  • March 2002
  • Standard & Poors
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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

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Research type: News
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Polymer Group Inc.

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