Avison Young (Canada) Inc.'s Proposed Secured Debt Rated 'CCC+'; First-Out Secured Debt Rating Lowered To 'CC' - S&P Global Ratings’ Credit Research

Avison Young (Canada) Inc.'s Proposed Secured Debt Rated 'CCC+'; First-Out Secured Debt Rating Lowered To 'CC'

Avison Young (Canada) Inc.'s Proposed Secured Debt Rated 'CCC+'; First-Out Secured Debt Rating Lowered To 'CC' - S&P Global Ratings’ Credit Research
Avison Young (Canada) Inc.'s Proposed Secured Debt Rated 'CCC+'; First-Out Secured Debt Rating Lowered To 'CC'
Published Apr 14, 2025
4 pages (1628 words) — Published Apr 14, 2025
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Abstract:

TORONTO (S&P Global Ratings) April 14, 2025--S&P Global Ratings today assigned its 'CCC+' issue rating and '2' recovery rating to Avison Young (Canada) Inc.'s proposed US$27 million senior secured facility due 2027. The '2' recovery rating indicates our expectation of substantial recovery (70%-90%; rounded estimate: 75%) in the event of a payment default. At the same time, we lowered our issue-level rating on the existing first-out secured term loan to 'CC' from 'CCC' and revised the recovery rating to '6' from '4' to reflect the subordination risk that would result from the issuance of an additional secured facility. Our 'CCC' issuer credit rating on Avison Young is unchanged, and the outlook remains negative The proposed senior facility would rank senior

  
Brief Excerpt:

...April 14, 2025 TORONTO (S&P Global Ratings) April 14, 2025--S&P Global Ratings today assigned its '###+' issue rating and '2' recovery rating to Avison Young (Canada) Inc.'s proposed US$27 million senior secured facility due 2027. The '2' recovery rating indicates our expectation of substantial recovery (70%-90%; rounded estimate: 75%) in the event of a payment default. At the same time, we lowered our issue-level rating on the existing first-out secured term loan to '##' from '###' and revised the recovery rating to '6' from '4' to reflect the subordination risk that would result from the issuance of an additional secured facility. Our '###' issuer credit rating on Avison Young is unchanged, and the outlook remains negative The proposed senior facility would rank senior to all existing senior secured debt in right of payment and lien priority. In our assumed recovery waterfall for the company, the collateral available to the first-out term loan lenders was reduced to zero. The '6' recovery...

  
Report Type:

Ratings Action

Ticker
3119269Z@CN
Issuer
Avison Young (Canada) Inc.
Sector
Global Issuers
Country
Canada
Region
Canada
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Avison Young (Canada) Inc.'s Proposed Secured Debt Rated 'CCC+'; First-Out Secured Debt Rating Lowered To 'CC'" Apr 14, 2025. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Avison-Young-Canada-Inc-s-Proposed-Secured-Debt-Rated-CCC-First-Out-Secured-Debt-Rating-Lowered-To-CC-3352715>
  
APA:
S&P Global Ratings’ Credit Research. (). Avison Young (Canada) Inc.'s Proposed Secured Debt Rated 'CCC+'; First-Out Secured Debt Rating Lowered To 'CC' Apr 14, 2025. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Avison-Young-Canada-Inc-s-Proposed-Secured-Debt-Rated-CCC-First-Out-Secured-Debt-Rating-Lowered-To-CC-3352715>
  
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