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Recovery Report: Visteon Corp.'s Recovery Rating Profile Mar 11
Standard & Poors, March 2011
Standard & Poor's Ratings Services is assigning issue-level and recovery ratings on automotive supplier Visteon Corp.'s proposed $500 million senior unsecured notes maturing 2019. The note issue will be used to refund a $500 million senior secured term loan, which was funded upon Visteon's emergence from bankruptcy proceedings on Oct. 1, 2010. Visteon is also increasing to $230 million an asset-based loan (ABL) revolving facility that we do not rate. Our simulated default scenario was based on a payment default in 2014 caused by a second cyclical downturn accompanied by intensified competition. Visteon and certain domestic subsidiaries are the borrowers. Visteon also operates through foreign subsidiaries and affiliates. The $500 million senior notes mature 2019. There is a provision for...
Companies mentioned in this report are: Visteon Corp.
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