S&P cuts FastenTech loan

Standard & Poor's said it lowered its senior secured bank loan rating on FastenTech Inc. to BB- from BB and affirmed the company's B+ corporate credit rating and stable outlook.

The downgrade of the senior secured bank loan rating is due to the increase in the size of the amended and restated facility to $115 million from $40 million. S&P said it also assigned a recovery rating of 1 to the $115 million amended and restated credit facility, which matures in May 2008.

S&P said the ratings on FastenTech reflect its below-average business position in competitive and cyclical industrial markets and its weak financial profile.

© 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.