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Research Update: Primus Telecommunications Holding Inc. Senior Secured Notes Assigned 'B-' Rating (Recovery Rating: 4) Jun 11
Standard & Poors, June 2011
Abstract
We are assigning ratings to global diversified communications services provider Primus Telecommunications Holdings Inc.'s $240 million senior secured notes due 2017. The new notes will be issued in conjunction with a debt exchange offer. We are also affirming our 'B-' corporate credit rating on the company, but the existing first-lien notes remain on CreditWatch Negative pending the outcome of the exchange offer. The stable outlook reflects a measure of revenue stability and extension of debt maturities if the debt exchange is consummated. On June 7, 2011, Standard & Poor's Ratings Services assigned its 'B-' issue-level rating and '4' recovery rating to Primus Telecommunications Holdings Inc.'s $240 million 10% senior secured notes due 2017 to be issued under Rule 144A, without...
Companies mentioned in this report are: Primus Telecommunications Holding Inc.,Primus Telecommunications Group Inc.,Primus Telecommunications Canada Inc,Primus Telecommunications IHC Inc.
Action: Affirmed
Action: New Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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