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
- ISS A/S
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Research Type: Full Analysis