TEXT-S&P revises Altra Holdings snr secured recovery rating to '3'
Aug 1 - Standard & Poor's Ratings Services said today it revised its recovery rating upward to '3' from '4' on Braintree, Mass.-based Altra Holdings Inc.'s 8.125% senior secured notes. The mechanical power transmission product manufacturer recently redeemed $21 million of its senior secured notes, and about $177 million remains outstanding. The issue rating remains 'BB-', the same as the corporate credit rating on subsidiary Altra Industrial Motion Inc. We expect the lower amount of outstanding debt to result in greater recovery for lenders in a payment default. The '3' recovery rating indicates our expectation for meaningful (50%-70%) recovery for noteholders following a payment default. For the complete recovery analysis, see the recovery report on Altra Holdings Inc., to be published following this report on RatingsDirect. Our 'BB-' corporate credit rating and stable outlook on Altra Industrial Motion Inc. remain unchanged. RELATED CRITERIA AND RESEARCH Altra Industrial Motion Inc., Feb. 24, 2012 RATINGS LIST Altra Industrial Motion Inc. Corporate Credit Rating BB-/Stable/-- Recovery Rating Revised To From Altra Holdings Inc. Senior Secured BB- BB- Recovery Rating 3 4