...February 13, 2020 TORONTO (S&P Global Ratings) Feb. 13, 2020--S&P Global Ratings said today it corrected its recovery ratings on BWX Technologies Inc.'s $400 million unsecured notes due 2026 to '4' from '3', and affirmed the '##+' issue-level rating. Due to an error when we first assigned the recovery rating, a collection allocation mechanism (CAM) feature on the secured facility and the U.S. entities' guarantee on the Canadian term loan were not correctly accounted for. The secured facility has U.S. and Canadian term loans and a revolver that can be drawn by U.S. and Canadian entities (unrated). Due to the Canadian borrowings being under-collateralized, accounting for this feature reduced the collateral available for unsecured creditors. The updated recovery analysis is provided below. RECOVERY ANALYSIS Key analytical factors - The recovery rating on the company's $400 million unsecured notes due 2026 is '4'. - The company's capital structure also includes a $500 million secured revolver...
