| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Hanley Wood, LLC > News item |
S&P downgrades Hanley
Standard & Poor's said it lowered its corporate credit rating on Hanley Wood to SD from CCC-.
In addition, the agency said it lowered its issue-level rating on the company's senior secured debt to D from CC. The recovery rating on this debt remains unchanged at 5.
"The downgrade reflects the application of our criteria on subpar debt exchange transactions, which we view as tantamount to a default, to Hanley Wood's recent recapitalization," said S&P credit analyst Jeanne Shoesmith in a news release.
The recapitalization reduces the company's debt to about $80 million, from $406 million as of Sept. 30, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.