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Research Update: SRAM LLC Rating Lowered To 'B+' On Weaker Operating Performance; Outlook Negative

Published Oct 26, 2015

7 pages (2379 words) — Published Oct 26, 2015

Price US$ 225.00 | Buy this Report Now

About This Report

Abstract:

We are revising downward our base-case EBITDA forecast through 2016 for U.S. bicycle components maker SRAM LLC due to weak anticipated operating performance. We are lowering our corporate credit rating to 'B+' from 'BB-'. We are lowering the issue-level rating on the company's senior secured debt one notch to 'B+', in line with our recovery notching criteria and the lower corporate credit rating. The negative outlook reflects leverage that will spike to above 5x in 2015, which is weak for the aggressive financial risk assessment. On Oct. 26, 2015, Standard&Poor's Ratings Services lowered its corporate credit rating on Chicago-based SRAM LLC to 'B+' from 'BB-'. The outlook is negative. At the same time, we revised our recovery rating

Brief Excerpt:

...We are revising downward our base-case EBITDA forecast through 2016 for U.S. bicycle components maker SRAM LLC due to weak anticipated operating performance....

Report Type:

Research Update

Issuer

SRAM LLC

GICS

Leisure Products (25202010)

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

Research Update: SRAM LLC Rating Lowered To 'B' On Prolonged Elevated Leverage; Outlook Stable – 2016/02/24 – US$ 225.00

Research Update: SRAM LLC's Proposed $570 Million Term Loan B And $40 Million Revolving Credit Facility Are Rated 'B' – 2017/02/24 – US$ 225.00

Research Update: SRAM LLC 'B' Rating Outlook Revised To Positive On Improved Operating Performance Resulting In EBITDA Growth – 2017/09/14 – US$ 225.00

Research Update: SRAM LLC Upgraded To 'B+' On Improved Operating Performance And Debt Repayment; Outlook Stable – 2018/04/11 – US$ 225.00

SRAM LLC – 2019/04/04 – US$ 500.00

Summary: SRAM LLC – 2015/05/11 – US$ 225.00

Summary: SRAM LLC – 2014/08/15 – US$ 225.00

SRAM LLC 'BB-' Rating Outlook Revised To Negative From Stable On Weak Operating Performance – 2014/02/14 – US$ 150.00

Research Update: SRAM LLC 'BB-' Rating Outlook Revised To Negative From Stable On Weak Operating Performance – 2014/02/14 – US$ 225.00

SRAM LLC Upgraded To 'BB-' On Refinancing And Expected Deleveraging; Outlook Stable – 2013/03/14 – US$ 150.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: SRAM LLC Rating Lowered To 'B+' On Weaker Operating Performance; Outlook Negative" Oct 26, 2015. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SRAM-LLC-Rating-Lowered-To-B-On-Weaker-Operating-Performance-Outlook-Negative-1470535>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: SRAM LLC Rating Lowered To 'B+' On Weaker Operating Performance; Outlook Negative Oct 26, 2015. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SRAM-LLC-Rating-Lowered-To-B-On-Weaker-Operating-Performance-Outlook-Negative-1470535>

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