VeriFone Systems Inc. Senior Secured Credit Facilities Rating Raised To 'BB+'; Recovery Rating Revised To '1' From '2' - S&P Global Ratings’ Credit Research

VeriFone Systems Inc. Senior Secured Credit Facilities Rating Raised To 'BB+'; Recovery Rating Revised To '1' From '2'

VeriFone Systems Inc. Senior Secured Credit Facilities Rating Raised To 'BB+'; Recovery Rating Revised To '1' From '2' - S&P Global Ratings’ Credit Research
VeriFone Systems Inc. Senior Secured Credit Facilities Rating Raised To 'BB+'; Recovery Rating Revised To '1' From '2'
Published Oct 31, 2011
1249 words — Published Oct 31, 2011
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Abstract:

SAN FRANCISCO (Standard&Poor's) Oct. 31, 2011--Standard&Poor's Ratings Services said today that it revised its recovery rating on San Jose, Calif.-based VeriFone Systems Inc.'s $540 million senior secured credit facilities due in 2012 to '1' from '2' and raised the issue-level rating to 'BB+' (two notches higher than the corporate credit rating) from 'BB'. The '1' recovery rating indicates our expectation of a very high (90%-100%) recovery for lenders in the event of a payment default. At the same time, we revised the recovery rating on the $316 million senior convertible notes due 2012 to '3' from '6' and raised the issue-level to 'BB-' (equal to corporate credit rating) from 'B'. The '3' recovery rating indicates our

  
Brief Excerpt:

RESEARCH VeriFone Systems Inc. Senior Secured Credit Facilities Rating Raised To '##+'; Recovery Rating Revised To '1' From '2' Publication date: 31-Oct-2011 Primary Credit Analyst: Andrew Chang, San Francisco (1) 415-371-5043; andrew_chang@standardandp...

  
Report Type:

Ratings Action

Ticker
PAY
Issuer
VeriFone Systems Inc.
GICS
Electronic Equipment Manufacturers (45203010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "VeriFone Systems Inc. Senior Secured Credit Facilities Rating Raised To 'BB+'; Recovery Rating Revised To '1' From '2'" Oct 31, 2011. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/VeriFone-Systems-Inc-Senior-Secured-Credit-Facilities-Rating-Raised-To-BB-Recovery-Rating-Revised-To-1-From-2-906963>
  
APA:
S&P Global Ratings’ Credit Research. (). VeriFone Systems Inc. Senior Secured Credit Facilities Rating Raised To 'BB+'; Recovery Rating Revised To '1' From '2' Oct 31, 2011. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/VeriFone-Systems-Inc-Senior-Secured-Credit-Facilities-Rating-Raised-To-BB-Recovery-Rating-Revised-To-1-From-2-906963>
  
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