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Cardtronics Inc 'BB-' Corporate Credit Rating Placed On Watch Positive; Issue-Level Rating Placed On Watch Developing Jun 11
Standard & Poors, June 2011
Abstract
U.S. independent ATM owner and operator Cardtronics Inc. has announced that its wholly owned subsidiary, Cardtronics USA Inc. has entered into a definitive agreement to acquire the ATM business owned by EDC Holding Co. LLC. We believe that Cardtronics may be able to support a higher corporate credit rating, even with the financing impact of the transaction increasing leverage, because of improved operating trends, solid free cash flow generation, and ample capacity within the current rating. We are placing our 'BB-' corporate credit rating on Cardtronics on CreditWatch with positive implications and the issue-level rating on the company's subordinated notes on CreditWatch with developing implications. NEW YORK (Standard & Poor's) June 21, 2011--Standard & Poor's Ratings Services said today that...
Companies mentioned in this report are: Cardtronics Inc.
Action: On CreditWatch:Developing
Action: On CreditWatch:Positive
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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