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Armtec Holdings Ltd. CCR Lowered To 'B' From 'B+' On Deteriorating Financial Risk Profile; Outlook Negative Dec 11 Product Image

Armtec Holdings Ltd. CCR Lowered To 'B' From 'B+' On Deteriorating Financial Risk Profile; Outlook Negative Dec 11

  • Published: December 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
Armtec Holdings Ltd.'s financial risk profile has deteriorated significantly in the past 12 months from a confluence of negative factors including low margin work, operational inefficiencies, project delays, and unfavorable market conditions. As a result, we are lowering our long-term corporate credit rating on Armtec to 'B' from 'B+'. At the same time, we are removing all the ratings on the company from CreditWatch, where they had been placed with negative implications June 13, 2011. In tandem with the downgrade and removal of the ratings from CreditWatch, we are affirming our 'B-'issue-level rating on Armtec's senior unsecured notes. We are also revising the recovery rating on the notes to '5' from '6'. The negative outlook reflects our belief that, although...

Companies mentioned in this report are: Armtec Holdings Ltd.
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch

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 READ MORE >

Armtec Holdings Ltd.

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