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'B' Rating On Polymer Group Inc. Affirmed, Off Watch After Blackstone Acquisition; Outlook Stable Jan 11
Standard & Poors, Jan 2011
Abstract
U.S.-based nonwovens manufacturer Polymer Group Inc. is being acquired by an affiliate of Blackstone Capital Partners V L.P. We have affirmed the 'B' corporate credit rating on Polymer Group Inc., and removed the rating from CreditWatch, where it had been placed with developing implications on April 13, 2010. The CreditWatch implications were revised to negative on Oct. 6, 2010. We are also assigning issue-level and recovery ratings to the company's proposed $530 million in senior secured notes. The outlook is stable, reflecting our view that improving operating results and favorable business conditions should allow Polymer Group to maintain a financial profile consistent with the current ratings. NEW YORK (Standard & Poor's) Jan. 12, 2011--Standard & Poor's Ratings Services said today...
Companies mentioned in this report are: Polymer Group Inc.
Action: Affirmed
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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