- Language: English
- 88 Pages
- Published: June 2010
- Region: Turkey
Recovery Report: Tembec Industries Inc.'s Recovery Rating Profile Aug 10
- Published: August 2010
- Standard & Poors
On Aug. 2, 2010, Standard & Poor's Ratings Services assigned its issue-level and recovery ratings to Tembec Industries Inc.'s (B-/Stable/--) proposed US$250 million senior secured notes. We rate the notes 'B-', with a recovery rating of '3', indicating our expectation of meaningful (50%-70%) recovery in the event of default. The notes are secured by a first lien on all assets of Tembec Inc. (B-/Stable/--) and Tembec Industries Inc., but with a second-lien interest in the asset-backed loan (ABL) collateral. We do not rate the company's C$205 million ABL facility. (For the complete corporate credit rating analysis, see the research report on Tembec Inc. published earlier today on RatingsDirect on the Global Credit Portal.) In assigning recovery ratings, Standard & Poor's...
Companies mentioned in this report are: Tembec Inc.,Tembec Industries Inc.
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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Tembec Inc.,Tembec Industries Inc.