S&P lifts Doosan Bobcat loan

S&P said it raised its issue-level rating on Doosan Bobcat Inc.'s $978 million senior secured term loan due 2024 to BB from BB- and revised the recovery rating to 2 from 3.

The loan belongs to subsidiary Clark Equipment Co. and is guaranteed by Doosan Bobcat.

The 2 recovery rating reflects an expectation for substantial recovery (70%-90%; 75% rounded estimate) in the event of default.

The upgrade mainly reflects the rated senior secured term loan's improved recovery, following a voluntary early prepayment of $150 million on July 23, S&P said.

“Our expectation of DBI's enterprise value at default is unchanged,” the agency said in a news release.

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