Aquilex Holdings LLC Rating Lowered To 'D' From 'CC'; Issue Ratings Lowered After Company Misses Interest Payment Dec 11

Standard & Poors, December 2011

Abstract
Aquilex Holdings LLC (the holding company of energy industry maintenance services provider Aquilex Corp.) failed to make the interest payment on its $225 million senior unsecured notes due Dec. 15, 2016. We are lowering our corporate credit rating on Aquilex and our issue-level rating on the company's senior unsecured notes to 'D'. We are also lowering our issue-level rating on the company's senior secured first-lien credit facilities to 'CC' from 'CCC'. We also removed the ratings from CreditWatch, where we had placed them with negative implications on Nov. 21, 2011. On Dec. 16, 2011, Standard & Poor's Ratings Services lowered its corporate credit rating on Atlanta, Ga.?based Aquilex Holdings LLC to 'D' from 'CC'. We also lowered the issue-level rating...

Companies mentioned in this report are:
- Aquilex Holdings LLC

Action: Downgraded
Action: Removed From CreditWatch

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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.

- Aquilex Holdings LLC

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