Reuters logo
TEXT-S&P revises Altra Holdings snr secured recovery rating to '3'
August 1, 2012 / 6:15 PM / 5 years ago

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below