Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers F > Headlines for Frac Tech International LLC > News item |
S&P affirms Frac Tech
Standard & Poor's said it affirmed the B+ issue-level rating on Frac Tech International LLC's $1.5 billion term loan due 2016 and revised the recovery rating on the term loan to 3 from 4. The 3 recovery rating indicates the expectation of a meaningful (50% to 70%) recovery in the event of default.
S&P also affirmed the BB issue-level rating and 1 recovery rating on Frac Tech's remaining $230 million of 7 1/8% senior unsecured notes due 2018.
The outlook is negative.
The ratings on Frac Tech reflect the company's weak business risk profile and aggressive financial risk profile, the agency said. The company's business risk profile hinges on its position as a fracturing service provider subject to the high degree of demand and price volatility inherent in the market for fracturing services.
© 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.