Recovery Report: Travelport Recovery Rating Profile Sep 11
Standard & Poors, September 2011
Abstract
We are updating our detailed recovery analysis on travel services provider Travelport LLC and holding company Travelport Holdings Ltd. (together, Travelport; CCC/Watch Neg/--). Our simulated default scenario contemplates a payment default in 2012, primarily due to refinancing risk related to the maturity of a payment-in-kind (PIK) loan due in March 2012. We believe that the group would reorganize in the event of default. We calculate an enterprise value of about $2.4 billion at the point of hypothetical default, which leads to a recovery rating of '2' on Travelport's cumulative senior secured debt facilities, a recovery rating of '5' on the senior unsecured notes, and a recovery rating of '6' on the group's subordinated notes and on the PIK loan borrowed...
Companies mentioned in this report are:
- Travelport LLC
- Travelport Holdings Ltd.
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
- Travelport LLC
- Travelport Holdings Ltd.
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