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Recovery Report: Evergreen International Aviation Inc.'s Recovery Rating Profile Dec 11 Product Image

Recovery Report: Evergreen International Aviation Inc.'s Recovery Rating Profile Dec 11

  • ID: 2035306
  • December 2011
  • Region: Global
  • Standard & Poors

Abstract
On Dec. 15, 2011, Standard & Poor's Ratings Services lowered its corporate credit rating on U.S.-based international air cargo carrier Evergreen International Aviation Inc. As a result of the downgrade, we revised our issue-level ratings on the first- and second-lien facilities. Our default scenario simulates a default occurring in 2012 after the loss of a significant customer, increased competitive pressures, and decreased demand from existing customers cause a drop in overall demand. In the event of default, we expect that recovery value would come from the sale of discrete assets of the company. Evergreen is a wholly owned subsidiary of Evergreen Holdings (Holdings) and the parent of Evergreen International Airlines, Evergreen Helicopters, Evergreen Maintenance Center, Evergreen Trade, and Evergreen Ground...

Companies mentioned in this report are: Evergreen International Aviation Inc.

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

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