Flexsys Inc. Assigned 'B' Issuer Credit Rating, Outlook Stable; Debt Rated 'B' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

Flexsys Inc. Assigned 'B' Issuer Credit Rating, Outlook Stable; Debt Rated 'B' (Recovery Rating: '3')

Flexsys Inc. Assigned 'B' Issuer Credit Rating, Outlook Stable; Debt Rated 'B' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
Flexsys Inc. Assigned 'B' Issuer Credit Rating, Outlook Stable; Debt Rated 'B' (Recovery Rating: '3')
Published Jul 28, 2021
3 pages (1823 words) — Published Jul 28, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

We assigned our 'B' issuer credit rating to U.S.-based chemical company Flexsys Inc. (Eastman Tire). We also assigned our 'B' issue-level and '3' recovery ratings to the company's senior secured credit facility, which consists of a revolving credit facility and a term loan. The stable outlook reflects our expectation that the company's operating performance will allow it to maintain credit measures that we view as appropriate for the current rating, including weighted-average debt to EBITDA in the 5x-6x range. NEW YORK (S&P Global Ratings) July 28, 2021—S&P Global Ratings today took the rating actions listed above. S&P Global Ratings' stable outlook reflects our expectation that Eastman Tire will maintain operational performance levels resulting in pro forma weighted-average debt to EBITDA

  
Brief Excerpt:

...July 28, 2021 - We assigned our 'B' issuer credit rating to U.S.-based chemical company Flexsys Inc. (Eastman Tire). - We also assigned our 'B' issue-level and '3' recovery ratings to the company's senior secured credit facility, which consists of a revolving credit facility and a term loan. - The stable outlook reflects our expectation that the company's operating performance will allow it to maintain credit measures that we view as appropriate for the current rating, including weighted-average debt to EBITDA in the 5x-6x range. NEW YORK (S&P Global Ratings) July 28, 2021--S&P Global Ratings today took the rating actions listed above. The ratings on Eastman Tire reflect our view of the company's narrow product focus, end-market concentration in the cyclical tire industry, customer concentration, and limited scale. The company provides vulcanizing agents, antidegradants, and stabilizers solely for the tire industry. We view the tire market as cyclical, but we note the company has a larger...

  
Report Type:

Ratings Action

Ticker
0073823D
Issuer
Flexsys Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Flexsys Inc. Assigned 'B' Issuer Credit Rating, Outlook Stable; Debt Rated 'B' (Recovery Rating: '3')" Jul 28, 2021. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Flexsys-Inc-Assigned-B-Issuer-Credit-Rating-Outlook-Stable-Debt-Rated-B-Recovery-Rating-3-2695941>
  
APA:
S&P Global Ratings’ Credit Research. (). Flexsys Inc. Assigned 'B' Issuer Credit Rating, Outlook Stable; Debt Rated 'B' (Recovery Rating: '3') Jul 28, 2021. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Flexsys-Inc-Assigned-B-Issuer-Credit-Rating-Outlook-Stable-Debt-Rated-B-Recovery-Rating-3-2695941>
  
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