Research Update: Reichhold Industries Inc. Rating Lowered To 'CCC+' From 'B-', Issue-Level Ratings Also Lowered; The Outlook Is Negative Dec 11
- Language: English
- Published: December 2011
NEW YORK (Standard & Poor's) April 24, 2009--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Reichhold Industries to 'B-' from 'B'. The outlook is negative. At the same time we lowered our rating on the company's $195 million senior unsecured notes due 2014 to 'CCC+' from 'B-'. The recovery rating is unchanged at '5', which indicates our expectation for modest (10% to 30%) recovery in the event of a payment default. "The downgrade reflects our expectation that continued softness in both of the company's segments will result in lower volumes and weaker operating results in 2009. The downgrade also incorporates our heightened concern over liquidity if business conditions continue to deteriorate placing further...
Companies mentioned in this report are: Reichhold Industries Inc.
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