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Bristow Group Inc. Senior Secured Debt Rated 'BBB-' Sep 11
Standard & Poors, Sep 2011
Abstract
NEW YORK (Standard & Poor's) Sept. 23, 2011--Standard & Poor's Ratings Services said today that it assigned a 'BBB-' senior secured debt rating (two notches higher than the corporate credit rating) to Houston-based Bristow Group Inc.'s (Bristow's) $200 million term loan and a $175 million revolving credit facility maturing in 2015. At the same time, we assigned a '1' recovery rating to this debt, indicating our expectation of very high recovery (90% to 100%) in the event of a payment default. As of June 30, 2011, Bristow had approximately $730 million of funded debt outstanding. The rating on Bristow's senior unsecured debt and our corporate credit rating for the company remain unchanged at 'BB'. The recovery rating on Bristow's senior...
Companies mentioned in this report are: Bristow Group Inc.
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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