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BRSP LLC's $290 Million Term Loan Lowered To 'CCC+' Following Downgrade Of CIT Group Inc. Jul 09
Standard & Poors, July 2009
Abstract
SAN FRANCISCO (Standard & Poor's) July 14, 2009--On July 14, 2009, Standard & Poor's Ratings Services lowered its rating on BRSP LLC's (BSRP) $290 million senior-secured term loan due July 2014 to 'CCC+' from 'BB-.' The recovery rating is '1', indicating very high (90%-100%) recovery of principal in the event of a default. The outlook is developing. The rating downgrade follows the downgrade by Standard & Poor's of BRSP's parent, CIT Group Inc. (CIT), to 'CCC+' from 'BB-' on July 13, 2009. CIT wholly owns BRSP. As BRSP is not ring-fenced from CIT per Standard & Poor's criteria, we do not rate BRSP above CIT. Under Standard & Poor's rating criteria, a non-ring-fenced subsidiary cannot be rated above the credit...
Companies mentioned in this report are: BRSP LLC,CIT Group Inc.,Calpine Corp.
Action: Downgraded
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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