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Recovery Report: ISS A/S Recovery Rating Profile Jan 12

  • ID: 2047409
  • January 2012
  • Standard & Poors
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  • ISS A/S
  • ISS World Services A/S
  • MORE

We are updating our recovery analysis on Denmark-based facilities services provider ISS A/S (ISS; BB-/Stable/--), following the "amend and extend" exercise in June and the termination of the proposed acquisition by G4S PLC. In our view, ISS would reorganize in the event of a default, thanks to its strong business model. Our simulated default scenario contemplates a default in 2014, with a stressed enterprise value of about Danish krone (DKK) 21.21 billion. Our recovery ratings on the €110 million unsecured Euro Medium-Term Notes (EMTNs), the €581.5 million subordinated notes, and the €525 million secured notes remain unchanged at '6', indicating our expectation of a negligible (0%-10%) recovery in the event of a payment default. The secured bank facilities--which include DKK527...

Companies mentioned in this report are:
- ISS World Services A/S

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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- ISS World Services A/S

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