Avison Young (Canada) Inc. Issue Ratings Affirmed At 'B+' And Taken Off UCO On Updated Recovery Criteria

NEW YORK (S&P Global Ratings) Dec. 13, 2016 – S&P Global Ratings said today that it has reviewed its recovery and issue-level ratings for Avison Young (Canada) Inc. that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7, 2016. With our criteria review complete, we are removing the UCO designation from these ratings and are raising our recovery ratings to 3 from 4. These rating actions stem solely from the application of our revised recovery criteria and do not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues. Our recovery analysis includes an undrawn revolving bank line of $30 million and the proposed

...NEW YORK (S&P Global Ratings) Dec. 13, 2016 ¡ S&P Global Ratings said today that it has reviewed its recovery and issue-level ratings for Avison Young (Canada) Inc. that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7, 2016. With our criteria review complete, we are removing the UCO designation from these ratings and are raising our recovery ratings to 3 from 4. These rating actions stem solely from the application of our revised recovery criteria and do not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues. Our recovery analysis includes an undrawn revolving bank line of $30 million and the proposed $130 million senior secured notes. We expect that Avison Young will use some of the proceeds to redeem its existing indebtedness (a revolver over $76 million). Recovery Analysis Simplified waterfall + Emergence EBITDA: $28.7 mil. + Multiple: 5.0x + Gross recovery value:...

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