...March 29, 2022 HONG KONG (S&P Global Ratings) March 29, 2022--S&P Global Ratings today assigned its '##' long-term issue rating to Doosan Bobcat Inc.'s (DBI) proposed issuance of a US$850 million senior secured term loan. The recovery rating on the Korea-based construction equipment maker's senior secured debt remains at '3'. DBI (##/Stable/--) plans to use the proceeds of the U.S. dollar-denominated issuance to repay an existing US$1,126 million term loan. The issue rating is subject to our review of final terms and conditions. We affirmed the '##' long-term issue rating on DBI's existing senior secured notes with a recovery rating of '3' (55%). We expect the company to maintain robust credit metrics over the next 12 months on the back of steady earnings. Due to its partial debt redemption of about US$300 million through refinancing, its cash balance could go down to about US$500 million from US$803 million as of end-December 2021. The balance should still be at the higher end of its cash...
