Recovery Report: Atkore International Inc.?s Recovery Rating Profile Dec 11
- ID: 2035063
- December 2011
- Region: Global
- Standard & Poors
We are updating our recovery analysis on U.S.-based metals fabricator Atkore International Inc.'s (Atkore) senior notes as part of our ongoing ratings surveillance process. Our recovery rating on the senior secured notes remains unchanged. We lowered the issue-level rating as a result of the one-notch downgrade of Atkore's corporate credit rating on Dec. 28, 2011. Our simulated default scenario assumes a default in 2014, due primarily to a prolonged, material downturn in the U.S. nonresidential construction industry. Our analysis and ratings reflect the following capital structure. The ABL facility is secured on a first-priority basis by the accounts receivable, inventory, cash, deposit accounts, and related current assets (ABL collateral) of Atkore and the guarantors, and on a second-priority basis by...
Companies mentioned in this report are:
- Tyco International Ltd.
- Atkore International Inc.
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Research Type: Full Analysis