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Belfor USA Group Inc. 'BB-' Ratings Affirmed, Recovery Ratings Revised To '4' On Proposed $50 Million Debt Add-On Nov 11
Standard & Poors, Nov 2011
Abstract
Belfor USA Group Inc., the U.S. subsidiary of global damage recovery and restoration services provider Belfor Holdings Inc., is proposing to add $50 million of term loan A debt to its credit facilities that it refinanced in April 2011. We believe the company will use the proceeds to refinance borrowings under the revolving credit facility and to pay fees and expenses. We are affirming our 'BB-' corporate credit and 'BB-' issue-level ratings on Belfor. At the same time, we are revising our recovery ratings on its senior secured credit facilities to '4' from '3' because of the increase in debt. The stable outlook reflects the company's solid competitive position, its ability to exhibit stable growth in its base business, and...
Companies mentioned in this report are: Belfor USA Group Inc.,Franz Haniel & Cie GmbH,BELFOR (Canada) Inc.,BELFOR Europe GmbH
Action: Affirmed
Action: Outlook: Stable
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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