Recovery Report: KUKA AG Recovery Rating Profile Jan 12

  • ID: 2041841
  • January 2012
  • Standard & Poors
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The -202 8.75% million second-lien secured notes issued by Germany-based industrial robotics manufacturer KUKA AG (B/Stable/--) are rated 'B-' with a recovery rating of '5'. We believe that the company would reorganize in the event of a default, with some of its less competitive parts liquidated. Our simulated default scenario contemplates a default in 2014 as a result of weak demand arising from soft market conditions, low profitability due to pricing pressure from competition, and pressure on working capital. The recovery rating of '5' on the notes reflects our view that the noteholders would achieve modest (10%-30%) recoveries in the event of a payment default, assuming 75% cash collateralization on the prior-ranking guarantee lines. The -202 million notes issued by...

Companies mentioned in this report are: KUKA AG

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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