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Aquilex Holdings LLC's Proposed $225 Million Senior Unsecured Notes Rated 'B' Dec 09
Standard & Poors, Dec 2009
Abstract
NEW YORK (Standard & Poor's) Dec. 8, 2009--Standard & Poor's Ratings Services said today that it assigned its 'B' issue rating (same as the corporate credit rating) and '4' recovery rating to Atlanta, Ga.-based Aquilex Holdings LLC's proposed $225 million senior unsecured notes due 2016. The '4' recovery rating indicates our expectation for average (30%-50%) recovery in the event of a payment default. The ratings are based on preliminary terms and conditions. The existing ratings on Aquilex, including the 'B' corporate credit rating, are unchanged. The outlook is negative. Net proceeds from the proposed notes offering will be used to repay $161 million of mezzanine notes (including accrued interest) and to repay $50 million of the term loans outstanding under...
Companies mentioned in this report are: Aquilex Holdings LLC
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.
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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