NEW YORK (Standard & Poor's) Nov. 20, 2008--Standard & Poor's Ratings Services said today that it assigned its 'B' corporate credit rating to Atlanta, Georgia-based Aquilex Holdings LLC. The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' rating and a recovery rating of '1' to Aquilex Acquisition Sub III LLC's proposed $310 million senior secured first-lien bank facilities, reflecting our expectation of very high (90%-100%) recovery in the event of a payment default. The proposed first-lien credit facilities consist of a $50 million revolving credit facility due 2013, $50 term loan A due 2012, and $210 million term loan B due 2013. The ratings on the credit facilities are based on preliminary terms and conditions....
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.