S&P: ASG Consolidated recovery to 3

Standard & Poor's said it revised its recovery rating on ASG Consolidated LLC's senior subordinated notes to 3 from 4, reflecting the upward revision of its estimate of ASG Consolidated's gross discrete asset valuation at emergence from a theoretical bankruptcy.

The 3 recovery rating indicates S&P's expectation for meaningful (50% - 70%) recovery in the event of a payment default.

The B- corporate credit rating and B+ issue-level ratings on the company's secured debt are unchanged.

ASG Consolidated LLC's subsidiary, American Seafoods Group LLC, and American Seafoods Finance Inc. are co-issuers of the senior subordinated notes.

© 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.