Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hunter Fan Co. > News item |
S&P downs Hunter Fan outlook to negative
Standard & Poor's said it revised Hunter Fan Co.'s outlook to negative from stable. The company's B corporate credit and the B rating with a recovery rating of 3 on its $200 million senior secured credit facility were affirmed.
S&P said the outlook revision reflects Hunter Fan's inability to improve the cushion on its financial covenants as previously anticipated because of weaker-than-expected operating performance and credit measures in fiscal 2005. The agency predicted that the company may experience continued weak covenant cushion in fiscal 2006 as covenants step down.
The ratings on Hunter Fan reflect its leveraged capital structure, narrow product focus, small size and customer and supplier concentration, the agency said. The company is supported, however, by its strong brand names and significant market share within the $1 billion domestic ceiling fan market.
S&P estimated the company's lease-adjusted total debt to EBITDA to be about 4x for the 12 months ended Jan. 31.
© 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.