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Automotive Supplier Collins & Aikman Corp. Ratings Lowered To 'D' May 05
Standard & Poors, May 2005
Abstract
NEW YORK (Standard & Poor's) May 17, 2005--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Troy, Mich.-based automotive parts supplier Collins & Aikman Corp. to 'D' from 'CCC-' following the company's Chapter 11 bankruptcy filing. At the same time, Standard & Poor's placed the recovery ratings on the senior secured bank facility on CreditWatch with developing implications. The '4' first-lien recovery rating could be raised if we believe lenders will receive more than 50% recovery, or lowered if recovery prospects are below 25%. If sufficient information is not available in the near term, Standard & Poor's will withdraw the recovery rating. 'The bankruptcy filing was precipitated by very difficult conditions in the company's...
Companies mentioned in this report are: Collins & Aikman Corp.
Action: Downgraded
Action: On CreditWatch:Developing
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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