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Recovery Report: Stanadyne Corp.'s Recovery Rating Profile Mar 12 Product Image

Recovery Report: Stanadyne Corp.'s Recovery Rating Profile Mar 12

  • ID: 2085128
  • March 2012
  • Standard & Poors

FEATURED COMPANIES

  • Stanadyne Corp.
  • Stanadyne Holdings Inc.
  • MORE

Abstract
Standard & Poor's Ratings Services' has reviewed the recovery analysis on Windsor, Conn.-based Stanadyne Corp.'s senior subordinated notes and parent Stanadyne Holdings Inc.'s senior subordinate discount notes, in conjunction with our outlook revision. Our issue-level and recovery ratings remain unchanged. Our simulated default scenario contemplates lower-than-expected revenues and cash flow resulting from a depressed economy and loss of key customers. We believe that if Stanadyne defaulted, a viable business model would remain, and that lenders would achieve the greater recovery value through reorganization rather than through liquidation. At the end of third–quarter 2011, Stanadyne Corp. had $10.3 million drawn under a recently upsized $55.8 million asset-backed revolving credit facility (ABL), which is senior to its other debt, maturing in 2014....

Companies mentioned in this report are:
- Stanadyne Corp.
- Stanadyne Holdings 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

- Stanadyne Corp.
- Stanadyne Holdings Inc.

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