Intertape Polymer Group Inc. Upgraded To 'B+' On Improved Earnings; Issue Rating Raised To 'B-' (Recovery Rating: 6) Feb 13
- Language: English
- Published: February 2013
Standard & Poor's Ratings Services recently lowered all its ratings on Polymer Group Inc. by one notch. The company's senior secured credit facilities are rated 'B+', one notch above the corporate credit rating, and the recovery rating remains at '2', indicating our expectation for substantial (70% to 90%) recovery in the event of a payment default. In our simulated default scenario, we assume that a depressed global economy and overcapacity in some regions lead to a prolonged period of poor supply/demand conditions. Heightened competition could result in the loss of one or more large customers. This, coupled with difficulty in recouping abnormally high raw material costs, causes Polymer Group's EBITDA to decline by about 36% from current levels to $70...
Companies mentioned in this report are: Polymer Group Inc.
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Polymer Group Inc.