Research Update: SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable - S&P Global Ratings’ Credit Research

Research Update: SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable

Research Update: SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable - S&P Global Ratings’ Credit Research
Research Update: SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable
Published Feb 22, 2013
2097 words — Published Feb 22, 2013
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based SRS Distribution Inc. plans to enter a $220 million bank term loan B, as well as a $100 million revolving credit facility and $100 million in mezzanine unsecured notes to refinance existing debt and fund its acquisition by private equity firm Berkshire Partners LLC. We are assigning a corporate credit rating of 'B' to reflect the company's substantial debt that is consistent with a "highly leveraged" financial risk profile. We are assigning our 'B' issue-level rating to the proposed $220 million senior secured bank term loan B. The stable rating outlook reflects our expectation that the company will continue to generate modest positive free cash flow and maintain adequate liquidity while reducing total adjusted leverage (including lease obligations) to

  
Brief Excerpt:

RESEARCH Research Update: SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable Publication date: 22-Feb-2013 Primary Credit Analyst: Thomas J Nadramia, New York (1) 212-438-3944; thomas_nadramia@standardandpoors.co...

  
Report Type:

Research Update

Issuer
SRS Distribution Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
HTML HTML
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable" Feb 22, 2013. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SRS-Distribution-Inc-Assigned-B-Corporate-Credit-Issue-Level-Ratings-Outlook-Is-Stable-1082850>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable Feb 22, 2013. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SRS-Distribution-Inc-Assigned-B-Corporate-Credit-Issue-Level-Ratings-Outlook-Is-Stable-1082850>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.