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S&P Credit Research982 word report
published Sep 17, 2009
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S&P Credit Research
| Abstract: | Wastequip Inc. recently amended its mezzanine credit agreement to include a "pay-in-kind (PIK) Toggle" feature, which allows the company to pay, at its option, nearly all of the cash interest due on its mezzanine loans in kind, to meet covenant compliance. We are placing our ratings on the U.S. waste equipment company on CreditWatch with negative implications. The CreditWatch placement reflects the risk that Wastequip may exercise the new "PIK Toggle" feature, contrary to the original obligation. On Sept. 17, 2009, Standard&Poor's Ratings Services placed its ratings on the Cleveland, Ohio-based Wastequip, including the 'CCC+' long-term corporate rating, on CreditWatch with negative implications. The CreditWatch placement follows the company's amendment of its mezzanine credit agreement to include a
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Wastequip Inc. Ratings Are Placed On Watch Negative Publication date: 17-Sep-2009 Primary Credit Analyst: Helena Song, CFA, New York (1) 212-438-2477; helena_song@standardandpoors.com...
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| Report Type: | Research Update
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| Ticker: | WQIP
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| Issuer: | Wastequip Inc.
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| GICS: | Industrial Machinery (20106020)
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| Sector: | Global Issuers
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- Wastequip Inc. $400.00
Leading market positions; and Stable, long-term relationships with customers. Highly leveraged financial profile; Limited headroom under covenants; Weaknesses in residential and nonresidential construction end markets; and Customer concentration ...
- Summary: Wastequip Inc. $175.00
The ratings on Charlotte, N.C.-based, privately held Wastequip Inc. reflect the company's highly leveraged financial profile and weak business risk profile, including limited cash flow and meaningful customer concentration. The company's leading ...
- Wastequip Inc. 'CCC+' Corporate Credit Rating Affirmed; Senior Secured Rating Lowered To 'CCC+' (Recovery To '3') $100.00
We believe that U.S. waste handling equipment producer Wastequip's operating performance and liquidity position have stabilized somewhat and there is a reduced near-term likelihood for the company to exercise its PIK-toggle feature. We are ...
- Research Update: Wastequip Inc. 'CCC+' CCR Affirmed; Senior Secured Debt Rating Cut To 'CCC+' (Recovery To '3'); Outlook Negative $175.00
We believe that U.S. waste handling equipment producer Wastequip's operating performance and liquidity position have stabilized somewhat and there is a reduced near-term likelihood for the company to exercise its PIK-toggle feature. We are ...
- Wastequip Inc. $400.00
Leading market positions; and Stable, long-term relationship with customers. Highly leveraged financial profile; Limited headroom under covenants; Weaknesses in residential and nonresidential construction end markets; and Customer concentration ...
- Summary: Wastequip Inc. $175.00
The 'CCC+' corporate credit rating on Wastequip Inc. remains CreditWatch with negative implications. The CreditWatch placement reflects the risk that Wastequip may exercise the new pay-in-kind (PIK) toggle feature in its amended credit agreement, ...
- Ratings On Wastequip Inc. Remain On Watch Negative $100.00
--Wastequip Inc. amended its mezzanine credit agreement to include a "pay-in-kind (PIK) Toggle" feature, which allows the company to pay, at its option, nearly all of the cash interest due on its mezzanine loans in kind. Doing so might help ...
- Research Update: Wastequip Inc. Ratings Remain On Watch Negative $175.00
Wastequip Inc. amended its mezzanine credit agreement to include a "pay-in-kind (PIK) Toggle" feature, which allows the company to pay, at its option, nearly all of the cash interest due on its mezzanine loans in kind. Doing so might help with ...
