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Allis-Chalmers Energy Inc. Recovery Ratings Revised To '3' From '4'; Issue Ratings Affirmed Oct 11
Standard & Poors, Oct 2011
Abstract
NEW YORK (Standard & Poor's) Oct. 7, 2011--Standard & Poor's Ratings Services said today that it has revised its recovery rating on Allis-Chalmers Energy Inc.'s senior unsecured debt to '3' from '4', reflecting its our expectation of meaningful (50% to 70%) recovery for creditors in the event of a payment default. At the same time, we affirmed our 'B-' issue rating on the company's existing $250 million 8.5% senior unsecured notes due 2017 and $255 million 9.0% senior unsecured notes due 2014. The issue rating is in line with the corporate credit rating on Allis-Chalmers. The ratings on Allis-Chalmers are unsolicited. (For the complete recovery analysis, see Standard & Poor's recovery report on Allis-Chalmers to be published on RatingsDirect following...
Companies mentioned in this report are: Allis-Chalmers Energy Inc. (Unsolicited Ratings)
Action: Affirmed
Action: Upgraded
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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