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S&P Credit Research1006 word report
published Nov 03, 2009
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S&P Credit Research
| Abstract: | 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 covenant compliance. We are keeping the 'CCC+' corporate credit rating 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. The CreditWatch placement also reflects the potential negative impact the new "PIK Toggle" feature and the company's weak operating performance may have on recovery and issue-level ratings. On Nov. 3, 2009, Standard&Poor's Ratings Services said that the ratings on the Cleveland-based Wastequip,
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Wastequip Inc. Ratings Remain On Watch Negative Publication date: 03-Nov-2009 Primary Credit Analyst: Helena Song, CFA, New York (1) 212-438-2477; helena_song@standardandpoors.com Overview...
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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
- 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 ...
- Ratings On Wastequip Inc. Are Placed On Watch Negative $100.00
--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 ...
- Research Update: Wastequip Inc. Ratings Are Placed On Watch Negative $175.00
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 ...
- Summary: Wastequip Inc. $175.00
The ratings on privately held Wastequip Inc. reflect the company's highly leveraged financial profile and vulnerable business risk profile, including limited cash flow and meaningful customer concentration. Partially mitigating these risks ...
- 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 ratings on privately held Wastequip Inc. reflect the company's highly leveraged balance sheet and aggressive financial policy, along with limited cash flow and meaningful customer concentration. Partially mitigating these risks are the ...
- Wastequip Inc. CCR Lowered To 'CCC+' From 'B'; Outlook Negative $100.00
NEW YORK (Standard&Poor's) Nov. 20, 2008--Standard&Poor's Ratings Services today lowered its ratings on Wastequip Inc., including the long-term corporate credit rating to 'CCC+' from 'B'. The outlook is negative. We lowered the issue-level ...
- Research Update: Wastequip Inc. CCR Lowered To 'CCC+' From 'B'; Outlook Negative $175.00
On Nov. 20, 2008, Standard&Poor's Ratings Services lowered its ratings on Wastequip Inc., including the long-term corporate credit rating to 'CCC+' from 'B'. The outlook is negative. We lowered the issue-level rating on Wastequip's $381 million ...
