Research Update: MTL Publishing Rated 'B+'; Outlook Positive; Secured Credit Facilities Rated 'BB-' (Recovery Rating: 2) Jan 12
- Language: English
- Published: January 2012
Despite ongoing requests since financial-year end Dec. 31, 2010, we have not yet received the 2010 audited financial statements of Jersey-based special-purpose entity Max Two Ltd. (MTL), which would confirm, or otherwise, the entity's status as a going concern. According to the information provided by the project managers, we understand that MTL has serviced its March and September 2011 debt service payments in full and on time without needing to tap the debt-service reserves. Furthermore, we anticipate that the project will continue to service its debt in full and on time in the foreseeable future, albeit with the likely use of its reserves, particularly for the September debt service payment dates. We are affirming the 'B-' long-term issue rating on...
Companies mentioned in this report are:
- Max Two Ltd.
Action: Outlook: Negative
Action: Removed From CreditWatch
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >