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Recovery Report: Enterprise Network Holdings B.V. Recovery Rating Profile Sep 11 Product Image

Recovery Report: Enterprise Network Holdings B.V. Recovery Rating Profile Sep 11

  • ID: 1927626
  • September 2011
  • Standard & Poors

Abstract
We are updating our recovery analysis on Enterprise Networks Holdings B.V. (ENH; B-/Stable/--), holding company for the communications solution provider, Siemens Enterprise Communications. We value ENH on a going-concern basis, based on its leading market position in a highly competitive industry. Our simulated default scenario leads to a default in 2013, due to excessive leverage and operating underperformance resulting from increased competition and weakening industry demand. Under our assumptions, we arrive at a stressed enterprise valuation of about -310 million and we anticipate average (30%-50%) recovery for the senior secured notes, although likely at the high end of this range. This equates to a recovery rating of '4'. The notes are senior secured and have first-ranking liens. However, the revolving...

Companies mentioned in this report are: Enterprise Networks Holdings B.V.

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

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