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Armtec Holdings Ltd. CCR Lowered To 'B' From 'B+' On Deteriorating Financial Risk Profile; Outlook Negative Dec 11
Standard & Poors, Dec 2011
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 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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