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Brand Services Inc.'s Rating Raised to 'B+' on Acquisition Pact; Off CreditWatch Sep 02
Standard & Poors, Sep 2002
Abstract
NEW YORK (Standard & Poor's) Sept. 18, 2002--Standard & Poor's Ratings Services said today that it raised its corporate credit rating on scaffolding services provider Brand Services Inc. to single -'B'-plus from single-'B' and removed the company from CreditWatch where it was placed with developing implications on Aug. 12, 2002. The outlook is stable. The rating action reflects the announcement that J.P Morgan Partners, the private equity arm of J.P. Morgan Chase & Co., has signed a definitive agreement to acquire St. Louis, Mo.-based Brand Services for about $502.4 million, including the assumption of about $240 million of Brand's debt. At the same time, Standard & Poor's assigned its single- 'B'-plus rating to Brand's proposed senior secured credit facility (consisting...
Companies mentioned in this report are: Brand Services Inc.,JPMorgan Chase & Co.
Action: Upgraded, Off CreditWatch
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: 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.
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