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
Altra Industrial Motion Inc.
Corporate Credit Rating BB-/Stable/--
Recovery Rating Revised
Altra Holdings Inc.
Senior Secured BB- BB-
Recovery Rating 3 4