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S&P lowers Senvion Holding to CC
S&P said it lowered its issuer credit rating on Senvion Holding GmbH to CC from CCC+.
At the same time, S&P lowered the issue rating on the company's senior secured notes to CC from CCC+. The recovery rating on the debt is 4, indicating an expectation of average recovery prospects (30%-50%).
S&P also lowered the issue rating on the group's €125 million revolving credit facility to CCC from B. The recovery rating is 1, indicating an expectation of very high recovery prospects (90%-100%; rounded estimate 95%) in the case of a payment default.
S&P removed all ratings from CreditWatch with negative implications.
The outlook is negative.
“The downgrade follows German wind turbine manufacturer Senvion's announcement that it has filed a petition for self-administrated insolvency, following unsuccessful refinancing discussions with lenders. The rating reflects our view that a default event or debt restructuring is now inevitable,” S&P said in a news release.
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