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S&PCORRECT: iQor Holdings Inc. Downgraded To 'B-' On Covenant Concerns; Issue Ratings Lowered One Notch Feb 12
Standard & Poors, February 2012
U.S. credit collections provider iQor Holdings Inc. has very limited cushion of around 5% under its term loans' leverage covenant. We believe the company will need to increase rolling-12-month EBITDA by approximately 10% from recent levels to meet the covenant beyond mid-2012, when it tightens from 4.75x to 4.25x. We are lowering our corporate credit rating on iQor to 'B-' from 'B' and also lowering all issue-level ratings by one notch. The developing outlook reflects that we could either lower the ratings further if a near-term covenant breach became more likely or raise them if iQor achieved sufficient covenant headroom through at least year-end 2013 via an amendment or improved profitability. NEW YORK (Standard & Poor's) Feb. 8, 2012--Standard &...
Companies mentioned in this report are: iQor Holdings Inc.,iQor US Inc.,Allied Interstate LLC,First Contact LLC,Collectech Systems LLC
Action: Outlook: Developing
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.
iQor Holdings Inc.,iQor US Inc.,Allied Interstate LLC,First Contact LLC,Collectech Systems LLC