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S&P cuts Heckler & Koch
Standard & Poor's said it lowered the long-term corporate credit rating on Heckler & Koch GmbH to CCC- from CCC+ and the rating on its €120 million 9¼% senior secured notes to CCC- from CCC+, in line with the corporate credit rating.
The recovery rating on the senior secured notes is unchanged at 4, indicating 30% to 50% expected recovery in a default.
The outlook is negative.
The downgrades reflect the company's inability to materially address the refinancing of its €120 million 9¼% senior secured notes that mature in July 2011, S&P said.
The agency said it believes that the limited time before maturity will result in significant execution risk to any preferred method of refinancing. This in turn raises substantially the probability of a near-term default, the agency said.
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