Recovery Report: DBO Holdings Inc.'s Recovery Rating Profile Jul 10
Standard & Poors, July 2010
Abstract
Standard & Poor's Ratings Services is updating the recovery analysis on DBO Holdings Inc. in connection with our resolution of the CreditWatch listing on the company's ratings. Our issue-level and recovery ratings remain unchanged. Our simulated default scenario contemplates a default occurring in 2013 in the wake of a protracted economic recession that leads to a significant decline in nonresidential construction, one of the company's key end markets. Our recovery analysis reflects the following capital structure: Asset-based (ABL) revolving credit facility due 2011. The borrowers under the ABL facility are John Maneely Co. (JMC) and 6582125 Canada Inc. (the Canadian ABL borrower). Up to $300 million is available to JMC and up to $100 million is available to the Canadian...
Companies mentioned in this report are: JMC Steel Group Inc.
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
JMC Steel Group Inc.
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