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Recovery Report: Kabel Deutschland Holding AG Recovery Rating Profile Aug 11
Standard & Poors, August 2011
We are updating our recovery analysis on German cable-TV provider Kabel Deutschland Holding AG. We assume that a default would most likely result from excessive leverage combined with operating underperformance. We believe that Kabel Deutschland Holding would be reorganized as going concern in the event of a default. The senior secured notes, issued by Kabel Deutschland Vertrieb und Service GmbH (KDVS), the main operating entity of German cable-TV provider Kabel Deutschland Holding AG (KDH) benefit from the same security and guarantees as the senior credit facilities, and rank pari passu with these obligations by way of an intercreditor agreement. The security package comprises pledges over moveable assets, digital network equipment, bank accounts, and receivables. In addition, the notes benefit from...
Companies mentioned in this report are: Kabel Deutschland Vertrieb und Service GmbH,Kabel Deutschland Holding AG
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
Kabel Deutschland Vertrieb und Service GmbH,Kabel Deutschland Holding AG