Rockwood Specialties Group Inc. Outlook Revised To Positive On Plan To Sell Ceramics Business; 'BB+' Rating Affirmed Jun 13
- Language: English
- Published: June 2013
U.S. specialty chemicals producer Rockwood Specialties Group Inc. is seeking commitments for a new $350 million senior secured term loan. The company expects to use the proceeds, along with cash on the balance sheet, to pay down existing senior subordinated debt. We are raising our corporate credit rating on Rockwood to 'BB+' from 'BB' to reflect the company's strengthened leverage-related metrics and our expectations that it will be able to at least maintain current financial performance. We are assigning '2' recovery ratings and 'BBB-' issue ratings to the company's proposed debt, and revising the recovery rating on existing senior secured debt to '2' from '1'. We will withdraw our ratings on the subordinated debt following the close of the proposed...
Companies mentioned in this report are: Rockwood Specialties Group Inc.
Action: New Rating
Action: Outlook: Stable
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Rockwood Specialties Group Inc.