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

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

  • Published: January 2012
  • Standard & Poors


  • 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 READ MORE >

- ISS World Services A/S

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