Research Update: Evergreen International Aviation Downgraded To 'CCC' On Tight Liquidity; Outlook Negative Dec 11
- Language: English
- Published: December 2011
- Region: Global
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.
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Research Type: Full Analysis