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Polymer Group Senior Secured Debt Rating to 'D' After Chapter 11 Filing May 02 Product Image

Polymer Group Senior Secured Debt Rating to 'D' After Chapter 11 Filing May 02

  • ID: 1804690
  • May 2002
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) May 13, 2002-- Standard & Poor's said today that it lowered its senior secured debt rating on Polymer Group Inc. to 'D' from double-'C' following the company's announcement that it had filed a voluntary prenegotiated Chapter 11 bankruptcy plan. The rating was also removed from CreditWatch, where it had been placed with negative implications on March 14, 2001. The corporate credit rating had been lowered to 'D' on Jan. 3, 2002, following the company's missed interest payment on its subordinated notes. North Charleston, S.C.-based Polymer Group had $1.09 billion total debt outstanding as of Dec. 31, 2001. A complete list of the ratings is available to RatingsDirect subscribers at www.ratingsdirect.com, as well as on Standard...

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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