BWX Technologies Inc. Unsecured Debt Rating Lowered To 'BB-' From 'BB': Recovery Rating Revised To '5' From '4' - S&P Global Ratings’ Credit Research

BWX Technologies Inc. Unsecured Debt Rating Lowered To 'BB-' From 'BB': Recovery Rating Revised To '5' From '4'

BWX Technologies Inc. Unsecured Debt Rating Lowered To 'BB-' From 'BB': Recovery Rating Revised To '5' From '4' - S&P Global Ratings’ Credit Research
BWX Technologies Inc. Unsecured Debt Rating Lowered To 'BB-' From 'BB': Recovery Rating Revised To '5' From '4'
Published Oct 13, 2022
3 pages (1374 words) — Published Oct 13, 2022
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About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Oct. 13, 2022--S&P Global Ratings today lowered its rating on BWX Technologies Inc.'s unsecured debt to 'BB-', one notch below the issuer credit rating, from 'BB'. At the same time, we revised the recovery rating to '5' from '4', indicating our expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a default. The rating action reflects the company's recent addition of a $250 million term loan A to its first-lien credit facility. Proceeds from the new five-year term loan will likely improve liquidity and flexibility. Our 'BB' issuer credit rating on BWX is unchanged. Pro forma for the transaction, the company's capital structure comprises a $750 million secured revolver due 2027 (not

  
Brief Excerpt:

...October 13, 2022 NEW YORK (S&P Global Ratings) Oct. 13, 2022--S&P Global Ratings today lowered its rating on BWX Technologies Inc.'s unsecured debt to '##-', one notch below the issuer credit rating, from '##'. At the same time, we revised the recovery rating to '5' from '4', indicating our expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a default. The rating action reflects the company's recent addition of a $250 million term loan A to its first-lien credit facility. Proceeds from the new five-year term loan will likely improve liquidity and flexibility. Our '##' issuer credit rating on BWX is unchanged....

  
Report Type:

Ratings Action

Ticker
BWXT
Issuer
BWX Technologies Inc.
GICS
Aerospace & Defense (20101010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "BWX Technologies Inc. Unsecured Debt Rating Lowered To 'BB-' From 'BB': Recovery Rating Revised To '5' From '4'" Oct 13, 2022. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/BWX-Technologies-Inc-Unsecured-Debt-Rating-Lowered-To-BB-From-BB-Recovery-Rating-Revised-To-5-From-4-2902419>
  
APA:
S&P Global Ratings’ Credit Research. (). BWX Technologies Inc. Unsecured Debt Rating Lowered To 'BB-' From 'BB': Recovery Rating Revised To '5' From '4' Oct 13, 2022. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/BWX-Technologies-Inc-Unsecured-Debt-Rating-Lowered-To-BB-From-BB-Recovery-Rating-Revised-To-5-From-4-2902419>
  
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