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Recovery Report: BRSP LLC's Recovery Rating Profile Aug 09
Standard & Poors, August 2009
On June 15, 2009, Standard & Poor's Ratings Services assigned its 'BB-' rating to U.S. special purpose entity BRSP LLC's (BSRP) proposed $290 million senior-secured term loan due July 2014. The recovery rating is '1', indicating very high (90%-100%) recovery of principal in the event of a default. The outlook is stable. The preliminary rating is subject to final structure and document review. For the rationale on BRSP LLC, see the research update, "BRSP LLC's $275 Million Senior-Secured Term Loan Assigned ?BB-? Rating; Outlook Stable," published June 15, 2009, on RatingsDirect. Proceeds from the $290 million term loan will be used to refinance the outstanding balance of another secured term loan facility that is approaching maturity. BRSP was formed on...
Companies mentioned in this report are: CIT Group Inc.,Calpine Corp.,BRSP LLC
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
CIT Group Inc.,Calpine Corp.,BRSP LLC