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Allison Transmission Inc. Ratings Raised To 'B+' From ?B?; Outlook Stable Dec 11
Standard & Poors, Dec 2011
Abstract
Indianapolis-based global commercial-vehicle component supplier Allison Transmission Inc. reduced its debt over the past few quarters as a result of sustained positive free cash flow, a trend we expect can continue despite a somewhat sluggish recovery anticipated in its end-markets in 2012. We are raising our corporate credit rating on Allison to 'B+' from 'B', our issue-level rating on the company's senior secured debt to 'BB-' from 'B+', and our issue-level rating on the senior unsecured notes to 'B-' from 'CCC+'. The recovery ratings remain unchanged. Our rating outlook is stable, reflecting our view that Allison can generate positive free cash flow of over $300 million in 2012, sustaining recent EBITDA margins, with leverage of about 5.0x or less. NEW...
Companies mentioned in this report are: Allison Transmission Inc.
Action: Upgraded
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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