Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for American Residential Services LLC > News item |
S&P cuts American Residential Services outlook to negative
Standard & Poor's said it revised its outlook on American Residential Services LLC to negative from stable.
At the same time, the agency said it affirmed its ratings on American Residential Services, including the B corporate credit rating.
In addition, S&P said it affirmed its issue-level and recovery ratings on the company's $165 million of senior secured second-lien notes due 2015. The $165 million notes are rated B while the recovery rating is 4.
"The outlook revision reflects its view that American Residential Services is pursuing a more aggressive financial policy than originally expected, and that the company's EBITDA interest coverage ratio will be below medians over the next several quarters, about 1.6x on a pro forma basis, which is weak for the current rating category," explained S&P credit analyst Mark Salierno.
© 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.