Research Update: Matthews International Corp. Assigned 'BB' Corporate Credit Rating, Outlook Stable; Debt Ratings Assigned - S&P Global Ratings’ Credit Research

Research Update: Matthews International Corp. Assigned 'BB' Corporate Credit Rating, Outlook Stable; Debt Ratings Assigned

Research Update: Matthews International Corp. Assigned 'BB' Corporate Credit Rating, Outlook Stable; Debt Ratings Assigned - S&P Global Ratings’ Credit Research
Research Update: Matthews International Corp. Assigned 'BB' Corporate Credit Rating, Outlook Stable; Debt Ratings Assigned
Published Nov 27, 2017
9 pages (3004 words) — Published Nov 27, 2017
Price US$ 225.00  |  Buy this Report Now

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Abstract:

Pittsburgh-based memorialization products and brand solutions company, Matthews International Corp.'s revenues, earnings, and cash flows have been relatively stable and predictable given its solid leading presences in the memorialization and brand solutions businesses and its ability to execute on its acquisition plans. We are assigning a 'BB' corporate credit rating to the company. The outlook is stable. At the same time, we are assigning a 'B+' issue-level rating and '6' recovery rating to the company's $300 million in senior unsecured notes, indicating expectations for negligible (0%-10%; rounded estimate: 5%) recovery in the event of default. The company will primarily use the proceeds from the proposed senior unsecured notes offering to refinance outstanding debt under its existing senior secured credit facility.

  
Brief Excerpt:

... brand solutions company, Matthews International Corp.'s revenues, earnings, and cash flows have been relatively stable and predictable given its solid leading presences in the memorialization and brand solutions businesses and its ability to execute on its acquisition plans. + We are assigning a '##' corporate credit rating to the company. The outlook is stable. + At the same time, we are assigning a 'B+' issue-level rating and '6' recovery rating to the company's $300 million in senior unsecured notes, indicating expectations for negligible (0%-10%; rounded estimate: 5%) recovery in the event of default. + The company will primarily use the proceeds from the proposed senior unsecured notes offering to refinance outstanding debt under its existing senior secured credit facility. + The stable rating outlook reflects our expectation that the company will generate low-double-digit growth over the next year, aided by recent acquisitions, before...

  
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MLA:
S&P Global Ratings’ Credit Research. "Research Update: Matthews International Corp. Assigned 'BB' Corporate Credit Rating, Outlook Stable; Debt Ratings Assigned" Nov 27, 2017. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Matthews-International-Corp-Assigned-BB-Corporate-Credit-Rating-Outlook-Stable-Debt-Ratings-Assigned-2167286>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Matthews International Corp. Assigned 'BB' Corporate Credit Rating, Outlook Stable; Debt Ratings Assigned Nov 27, 2017. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Matthews-International-Corp-Assigned-BB-Corporate-Credit-Rating-Outlook-Stable-Debt-Ratings-Assigned-2167286>
  
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