NN Inc. Senior Secured Debt Rating Lowered To 'B+', Recovery Rating Revised To '3' On $300 Million Incremental Term Loan - S&P Global Ratings’ Credit Research

NN Inc. Senior Secured Debt Rating Lowered To 'B+', Recovery Rating Revised To '3' On $300 Million Incremental Term Loan

NN Inc. Senior Secured Debt Rating Lowered To 'B+', Recovery Rating Revised To '3' On $300 Million Incremental Term Loan - S&P Global Ratings’ Credit Research
NN Inc. Senior Secured Debt Rating Lowered To 'B+', Recovery Rating Revised To '3' On $300 Million Incremental Term Loan
Published Mar 13, 2017
Published Mar 13, 2017
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Abstract:

NEW YORK (S&P Global Ratings) March 13, 2017--S&P Global Ratings today lowered its issue-level rating on Johnson City, Tenn.-based metal bearing and precision metal components manufacturer NN Inc.'s senior secured debt to 'B+' from 'BB-'. At the same time, we revised our recovery rating on the debt to '3' from '2' because of the significant increase in the company's amount of secured debt, which has reduced the percentage of principal and accrued interest (due at the point of hypothetical default on NN's debt instruments) that can be recovered following its emergence from a hypothetical bankruptcy. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for secured lenders in the event of a payment default. We

  
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Issuer
GICS
Industrial Machinery (20106020)
Sector
Global Issuers
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MLA:
S&P Global Ratings’ Credit Research. "NN Inc. Senior Secured Debt Rating Lowered To 'B+', Recovery Rating Revised To '3' On $300 Million Incremental Term Loan" Mar 13, 2017. Alacra Store. Dec 12, 2019. <http://www.alacrastore.com/s-and-p-credit-research/NN-Inc-Senior-Secured-Debt-Rating-Lowered-To-B-Recovery-Rating-Revised-To-3-On-300-Million-Incremental-Term-Loan-1814646>
  
APA:
S&P Global Ratings’ Credit Research. (). NN Inc. Senior Secured Debt Rating Lowered To 'B+', Recovery Rating Revised To '3' On $300 Million Incremental Term Loan Mar 13, 2017. New York, NY: Alacra Store. Retrieved Dec 12, 2019 from <http://www.alacrastore.com/s-and-p-credit-research/NN-Inc-Senior-Secured-Debt-Rating-Lowered-To-B-Recovery-Rating-Revised-To-3-On-300-Million-Incremental-Term-Loan-1814646>
  
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