Recovery Report: Aquilex Holdings LLC's Recovery Rating Profile Mar 10
Standard & Poors, March 2010
Abstract
On March 16, 2010, Standard & Poor's Ratings Services assigned its 'BB-' issue rating (two notches above the corporate credit rating) and '1' recovery rating to Aquilex Holdings LLC's proposed $235 million senior secured first-lien credit facilities. The '1' recovery rating indicates our expectation for very high (90%-100%) recovery in the event of a payment default. At the same time, we lowered our issue and recovery ratings on the company's $225 million senior unsecured notes to 'B-' and '5', respectively. The '5' recovery rating indicates our expectation for modest (10%-30%) recovery in the event of a payment default. The proposed senior secured facilities consist of a $50 million revolving credit facility due 2015 and a $185 million term loan B...
Companies mentioned in this report are:
- Aquilex Holdings LLC
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
- Aquilex Holdings LLC
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