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Recovery Report: FleetPride Corp.'s Recovery Rating Profile Dec 11
Standard & Poors, December 2011
We are assigning issue-level and recovery ratings to The Woodlands, Texas-based heavy-duty truck parts distributor FleetPride Corp.'s proposed $45 million senior secured revolver maturing 2016 and $370 million senior secured term loan maturing 2017. We have also upgraded the company's corporate credit rating and have removed the rating from CreditWatch, where it had been placed with positive implications on Nov. 15, 2011. Standard & Poor's Ratings Services' simulated default scenario contemplates a payment default in 2014, stemming from a significant, prolonged economic downturn accompanied by intensified competition. We believe that in the event of a default, FleetPride would be reorganized, in view of its extensive distribution network. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings,"...
Companies mentioned in this report are: FleetPride 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