E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/19/2008 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P: Ames True outlook stable

Standard & Poor's said it revised the outlook on Ames True Temper Inc. to stable from negative and affirmed its CCC+ corporate credit rating.

The agency affirmed the $150 million senior floating rate notes at CCC+ and assigned a 4 recovery rating, and affirmed the $150 million 10% senior subordinated notes at CCC- and assigned a 6 recovery rating.

The outlook revision reflects the company's improved liquidity position resulting from inventory reductions and positive free cash flow generation in fiscal 2007, according to S&P.

Ratings reflect competitive industry dynamics, the company's narrow product portfolio, seasonal business characteristics, limited geographic diversification and a highly leveraged capital structure, the agency said.

The issuer's adjusted debt-to-EBITDA ratio for the 12 months ended Dec. 29 was 9.1 times.


© 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.