Alliance Laundry Systems LLC http://www.alacrastore.com/company-snapshot/Alliance_Laundry_Systems_LLC-2520167 Saturday, September 06, 2008 7:37:04 PM 2520167 Alliance Laundry Systems LLC en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/640577spcred/640577normThe latest Full Report from S&P4/2/2008 11:02:50 AMFull Report400globalstructured640577United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsFull ReportThe leading manufacturer of stand-alone commercial laundry equipment; and A large installed base and longstanding trade relationships, which create high barriers to entry into the market. A heavy debt burden; Participation in a mature, niche market; and Limited product and geographic diversity. The ratings on Ripon, Wis.-based Alliance Laundry Systems LLC reflect its narrow product portfolio, high debt leverage, and thin credit protection measures. Partially mitigating these factors is the company's leading market positions as a full-line stand-alone commercial equipment manufacturer, its long-standing trade relationships and large installed equipment base, and the market's somewhat high barriers to entry given the high capital expenditures necessary to establish production. Alliance Laundry is a leading manufacturer of a full line of self-contained commercialUSA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZFULLGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/640578spcred/640578normThe latest Summary from S&P4/2/2008 11:02:50 AMSummary175globalstructured640578United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsSummaryThe ratings on Ripon, Wis.-based Alliance Laundry Systems LLC reflect its narrow product portfolio, high debt leverage, and thin credit protection measures. Partially mitigating these factors is the company's leading market positions as a full-line stand-alone commercial equipment manufacturer, its long-standing trade relationships and large installed equipment base, and the market's somewhat high barriers to entry given the high capital expenditures necessary to establish production. Alliance Laundry is a leading manufacturer of a full line of self-contained commercial laundry equipment sold predominately in the U.S. The company's product line primarily serves three end-user customer groups: laundromats, multihousing laundries, and on-premise laundries. The July 2006 purchase of substantially all of Laundry System Group NV's Commercial Laundry Division (CLD) operations has modestlyUSA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZSUMMARYGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612565spcred/612565normThe latest News from S&P11/9/2007 6:31:00 PMNews100globalstructured612565United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsNewsNEW YORK (Standard&Poor's) Nov. 9, 2007--Standard&Poor's Ratings Services today raised its corporate credit rating on Alliance Laundry Systems LLC to 'B-' from 'CCC+', and removed all ratings from CreditWatch, where they were placed with developing implications on Sept. 7, 2007. In addition, we raised our rating on the company's senior secured first-lien debt to 'B+' from 'B' with a '1' recovery rating, indicating the expectation of very high recovery (90%-100%) in the event of a payment default. The first-lien debt consists of a $260 million ($220 million outstanding at June 30, 2007) term loan B and $55 million revolving credit facility. We also raised the rating on the company's $150 million senior subordinated notes one notchUSA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZNEWSGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612566spcred/612566normThe latest Research Update from S&P11/9/2007 6:31:00 PMResearch Update175globalstructured612566United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsResearch UpdateOn Nov. 9, 2007, Standard&Poor's Ratings Services raised its corporate credit rating on Alliance Laundry Systems LLC to 'B-' from 'CCC+' and removed all ratings from CreditWatch, where they were placed with developing implications on Sept. 7, 2007. In addition, we raised our rating on the company's senior secured first-lien debt to 'B+' from 'B'; the recovery rating is '1', indicating the expectation of very high recovery (90%-100%) in the event of a payment default. The first-lien debt consists of a $260 million ($220 million outstanding at June 30, 2007) term loan B and $55 million revolving credit facility. We also raised the rating on the company's $150 million senior subordinated notes one notch to 'CCC' from 'CCC-'.USA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZRESUPDGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/605015spcred/605015normThe latest Research Update from S&P9/28/2007 6:35:11 PMResearch Update175globalstructured605015United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsResearch UpdateOn Sept. 28, 2007, Standard&Poor's Ratings Services said that its ratings on Ripon, Wis.-based Alliance Laundry Systems LLC, including the 'CCC+' corporate credit rating, remain on CreditWatch with developing implications. This follows the company's Sept. 27, 2007, announcement that it will restate its financial statements for the fiscal year ended Dec. 31, 2006, and fiscal quarter ended March 31, 2007, to address previously disclosed errors in its reconciliation of unvouched payables related to inventory. These errors resulted in an understatement of the company's accounts payable, inventory, and cost of sales. Although the company has yet to complete its review, Alliance Laundry now believes that its cost of sales were understated by $4.5 million. Alliance Laundry's ratings were originallyUSA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZRESUPDGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/605014spcred/605014normThe latest News from S&P9/28/2007 6:35:00 PMNews100globalstructured605014United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsNewsNEW YORK (Standard&Poor's) Sept. 28, 2007--Standard&Poor's Ratings Services said today that its ratings on Ripon, Wis.-based Alliance Laundry Systems LLC, including the 'CCC+' corporate credit rating, would remain on CreditWatch with developing implications. This follows the company's Sept. 27, 2007, announcement that it will restate its financial statements for the fiscal year ended Dec. 31, 2006, and fiscal quarter ended March 31, 2007, to address previously disclosed errors in its reconciliation of unvouched payables related to inventory. These errors resulted in an understatement of the company's accounts payable, inventory, and cost of sales. Although the company has yet to complete its review, Alliance Laundry now believes that its cost of sales were understated by $4.5 million.USA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZNEWSGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/CMT_0000400789moodys/CMT_0000400789htmlIssuer Comment9/13/2007 12:20:49 AMGlobal Credit Research Issuer Comment ## SEP #### Issuer Comment: Alliance Laundry Systems LLC Moody's Comments on Alliance Laundry's Amendment and Waiver Moody's commented that the ratings of Alliance Laundry Systems LLC (Alliance)...Alliance Laundry Systems LLC600042238150.0000NewshtmlAlliance Laundry Systems LLCCMT_0000400789Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/600423spcred/600423normThe latest News from S&P9/7/2007 6:37:00 PMNews100globalstructured600423United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsNewsNEW YORK (Standard&Poor's) Sept. 7, 2007--Standard&Poor's Ratings Services said today it lowered its ratings on Ripon, Wis.-based Alliance Laundry Systems LLC, including its corporate credit rating to 'CCC+' from 'B'. At the same time, Standard&Poor's revised its CreditWatch status to developing from negative. The company's ratings were originally placed on CreditWatch with negative implications on Aug. 15, 2007, following Alliance Laundry's announcement that it had identified errors in its reconciliation of unvouched payables which resulted in the understatement of the company's liabilities, and its inability to timely file its June 2007 Form 10-Q until a review determining the effect that these errors would have on the company's previously filed financial statements is completed. TheUSA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZNEWSGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/600424spcred/600424normThe latest Research Update from S&P9/7/2007 6:37:00 PMResearch Update175globalstructured600424United StatesIndustrial MachineryUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesConsumer ProductsResearch UpdateOn Sept. 7, 2007, Standard&Poor's Ratings Services lowered its ratings on Ripon, Wis.-based Alliance Laundry Systems LLC, including its corporate credit rating to 'CCC+' from 'B'. At the same time, we revised its CreditWatch status to developing from negative. The company's ratings were originally placed on CreditWatch with negative implications on Aug. 15, 2007, following Alliance Laundry's Aug. 14, 2007, announcement that it had identified errors in its reconciliation of unvouched payables which resulted in the understatement of the company's liabilities, and its inability to timely file its June 2007 Form 10-Q until a review determining the effect that these errors would have on the company's previously filed financial statements is completed. The failure to file its JuneUSA01861W00162301862L20106020 201060 2010 20Alliance Laundry Systems LLC322403USA9646ZRESUPDGLOBISSSTRUCCORPABSConsumerCredit & Investment ResearchS&P Credit Research