We have updated our recovery analysis for The Sun Products Corporation following our lowering of the corporate credit rating on the company to 'B' from 'B+'. The recovery ratings assigned to the senior secured first-lien credit facilities remain unchanged at '1'. However, as a result of the lower corporate credit rating, we are lowering our issue-level ratings on this debt by one notch, to 'BB-' from 'BB'. We have lowered the issue-level rating on the second-lien loan by three notches, to 'B' from 'BB', and revised the recovery rating to '4', as a result of the combination of the lower corporate credit rating and the decline in the company's enterprise value, reflecting the company's recent weak operating performance. Our simulated...
Companies mentioned in this report are:
- The Sun Products Corp.
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Research Type: Full Analysis