Carriage Services Inc.'s Unsecured Notes Rated 'B+' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research

Carriage Services Inc.'s Unsecured Notes Rated 'B+' (Recovery Rating: '4')

Carriage Services Inc.'s Unsecured Notes Rated 'B+' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research
Carriage Services Inc.'s Unsecured Notes Rated 'B+' (Recovery Rating: '4')
Published Apr 26, 2021
3 pages (1190 words) — Published Apr 26, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) April 26, 2021--S&P Global Ratings today assigned its 'B+' issue-level rating and '4' recovery rating to Carriage Services Inc.'s proposed $400 million unsecured notes. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. The company intends to use the proceeds to redeem its existing unsecured notes. Carriage Services also plans to obtain a new $150 million senior secured revolver. Our 'B+' issuer credit rating on Carriage Services reflects its operations in the highly fragmented death care industry. One of the larger players, the company holds only 1% of the U.S. market. The rating also reflects our expectation that despite some acquisition activity, it

  
Brief Excerpt:

...April 26, 2021 NEW YORK (S&P Global Ratings) April 26, 2021--S&P Global Ratings today assigned its 'B+' issue-level rating and '4' recovery rating to Carriage Services Inc.'s proposed $400 million unsecured notes. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. The company intends to use the proceeds to redeem its existing unsecured notes. Carriage Services also plans to obtain a new $150 million senior secured revolver. Our 'B+' issuer credit rating on Carriage Services reflects its operations in the highly fragmented death care industry. One of the larger players, the company holds only 1% of the U.S. market. The rating also reflects our expectation that despite some acquisition activity, it will sustain leverage under 5x....

  
Report Type:

Ratings Action

Ticker
CSV
Issuer
Carriage Services Inc.
GICS
Specialized Consumer Services (25302020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Carriage Services Inc.'s Unsecured Notes Rated 'B+' (Recovery Rating: '4')" Apr 26, 2021. Alacra Store. May 09, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Carriage-Services-Inc-s-Unsecured-Notes-Rated-B-Recovery-Rating-4-2635400>
  
APA:
S&P Global Ratings’ Credit Research. (). Carriage Services Inc.'s Unsecured Notes Rated 'B+' (Recovery Rating: '4') Apr 26, 2021. New York, NY: Alacra Store. Retrieved May 09, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Carriage-Services-Inc-s-Unsecured-Notes-Rated-B-Recovery-Rating-4-2635400>
  
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