• SELECT SITE CURRENCY
Select a currency for use throughout the site
Reichhold Industries Rating Cut To 'B' On Subpar Third-Quarter Results; Outlook Is Stable Nov 08
Standard & Poors, November 2008
NEW YORK (Standard & Poor's) Nov. 21, 2008--Standard & Poor's Ratings Services today lowered its corporate credit rating on Reichhold Industries to 'B' from 'BB-'. The outlook is stable. At the same time we lowered our rating on the company's $195 million senior unsecured notes due 2014 to 'B-' 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 downgrades follow Reichhold's subpar third-quarter 2008 operating results, which reflect lower volumes from both of its segments," said Standard & Poor's credit analyst Henry Fukuchi. "Third-quarter results were also hurt by raw material cost increases that exceeded price increases during the quarter." The rating...
Companies mentioned in this report are: Reichhold Industries 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: 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.
Reichhold Industries Inc.