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.
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Research Type: Full Analysis