Recovery Report: Armored AutoGroup Inc.'s Recovery Rating Profile Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Rating Services has completed a review of the issue-level and recovery ratings assigned to Danbury, Conn.-based Armored Autogroup Inc.'s (Armored AutoGroup's) senior secured credit facilities and unsecured notes. All ratings are unchanged. Our simulated default scenario contemplates a default in 2015 resulting from customer loss, a deteriorated economy, and higher commodity costs. We believe the company would reorganize in the event of a default. Armored AutoGroup's current capital structure consists of a $50 million revolving credit facility, a $298 million term loan, and a $275 million senior unsecured notes issue. Viking Acquisition Inc. (Viking) is the borrower of the secured credit facilities and issuer of the unsecured notes. Guarantors of the facilities are Viking Intermediate Inc. and...

Companies mentioned in this report are:
- Armored Autogroup Inc.

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

- Armored Autogroup Inc.

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