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Research Update: SPCM S.A. Downgraded to 'B+' On Aggressive Financial Policy And Covenant Pressure; Outlook Neg

Published Dec 16, 2008

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Abstract:

On Dec. 16, 2008, Standard&Poor's Ratings Services lowered its long-term corporate rating on France-based specialty chemicals producer SPCM S.A. to 'B+' from 'BB-'. The outlook is negative. At the same time, we lowered the debt rating on the senior unsecured bonds to 'B+' from 'BB-', in line with the corporate credit rating. We also revised the recovery rating on the bonds to '4' from '3', indicating our expectation of average (30%-50%) recovery for bondholders in case of a payment default. We also lowered the issue ratings on SPCM's bank loans to 'BB-', one notch above the corporate credit rating. The recovery ratings on this debt remain unchanged at '2', indicating our expectation of substantial (70%-90%) recovery in case

Report Type:

Research Update

Ticker

793555Z@FP

Issuer

SPCM S.A.

GICS

Specialty Chemicals (15101050)

Sector

Global Issuers

Country

France

Region

Europe, Middle East, Africa

Format:

HTML

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: SPCM S.A. Downgraded to 'B+' On Aggressive Financial Policy And Covenant Pressure; Outlook Neg" Dec 16, 2008. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SPCM-S-A-Downgraded-to-B-On-Aggressive-Financial-Policy-And-Covenant-Pressure-Outlook-Neg-690564>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: SPCM S.A. Downgraded to 'B+' On Aggressive Financial Policy And Covenant Pressure; Outlook Neg Dec 16, 2008. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SPCM-S-A-Downgraded-to-B-On-Aggressive-Financial-Policy-And-Covenant-Pressure-Outlook-Neg-690564>

US$ 225.00

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