- Language: English
- Published: January 2012
- Region: Global
Recovery Report: Physio-Control International Inc.'s Recovery Rating Profile Feb 12
- ID: 2059469
- February 2012
- Region: Global
- Standard & Poors
We are updating our recovery analysis on Redmond, Wash.-based defibrillator manufacturer Physio-Control International Inc., in conjunction with the company's leveraged buyout by Bain Capital Partners LLC. We have assigned a corporate credit rating to the company. We have also assigned issue-level and recovery ratings to its $330 million 9.875% senior secured notes due 2019. Standard & Poor's Ratings Services' simulated default scenario contemplates a default in 2015, stemming from a decrease in market share or declining sales as a result of economic pressure on public and private customers. We believe that Physio-Control would be reorganized, rather than liquidated, in a default scenario, in view of its long-standing customer relationships and leading market position. (For Standard & Poor's recovery rating methodology,...
Companies mentioned in this report are:
- Physio-Control International, 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