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Recovery Report: The Sun Products Corporation's Recovery Ratings Profile Jun 11 Product Image

Recovery Report: The Sun Products Corporation's Recovery Ratings Profile Jun 11

  • ID: 1815440
  • June 2011
  • Standard & Poors

Abstract
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.

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: Full Analysis

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