S&P downgrades Euramax

Standard & Poor’s said it revised the rating on Euramax International Inc. to CCC from B.

The agency also said it lowered the rating of Euramax’s $375 million of senior notes to CCC from B-, the same level as the corporate credit rating.

The recovery rating on the senior secured debt remains at 4, indicating 30% to 50% expected default recovery.

The outlook is developing.

Euramax depends on favorable business, financial and economic conditions to meet its financial commitment on its obligations, S&P said.

In the event of adverse conditions, Euramax’s capital structure appears to be unsustainable in the long term, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.