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Aquilex Holdings LLC Downgraded To 'CCC+' After Its Revolver Draw; Outlook Negative On Covenant Breach Potential Aug 11
Standard & Poors, Aug 2011
Abstract
Atlanta-based Aquilex Corp. (the operating subsidiary of Aquilex Holdings LLC) has drawn the remaining available amount under its $50 million revolving credit facility. We believe that Aquilex is at risk of breaching its financial covenants in the second half of 2011. We are lowering our corporate credit rating on Aquilex Holdings LLC to 'CCC+' from 'B' and are lowering other issue ratings accordingly. The negative outlook reflects the potential for a ratings downgrade if Aquilex is unable to negotiate adequate covenant relief and improve operating results. NEW YORK (Standard & Poor's) Aug. 18, 2011--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Aquilex Holdings LLC to 'CCC+' from 'B'. At the same time, Standard...
Companies mentioned in this report are: Aquilex Holdings LLC
Action: Downgraded
Action: Outlook: Negative
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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