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Prospect News home > News index > List of issuers E > Headlines for ERM Worldwide Ltd. > News item |
S&P rates ERM Worldwide loans B, CCC+
Standard & Poor’s said it assigned a B long-term corporate credit rating to Emerald 2 Ltd., an intermediate holding company of ERM Worldwide Ltd.
The outlook is stable.
The agency also said it assigned B issue ratings to the $550 million and €75.3 million senior secured first-lien loans due 2021, $50 million revolving credit facility due in 2020 and the $70 million acquisition facility due in 2020, all issued by Emerald 3 Ltd. The recovery rating on these facilities is 4, indicating 30% to 50% expected default recovery.
S&P also said it assigned a CCC+ rating to the $175 million subordinated second-lien loans due 2022 issued by Emerald 3 and other subsidiaries. The recovery rating on this loan is 6, indicating 0 to 10% expected default recovery.
The ratings reflect the company’s highly leveraged financial risk profile and fair business risk profile, the agency said.
Emerald 2’s key credit metrics are expected to remain in the highly leveraged financial risk profile category in 2015 and 2016, S&P said.
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