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Strategies & Market Trends : BAK - Investing

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To: thatsnotluck who wrote (388)	3/2/2012 12:58:04 PM
From: Covenant	1 Recommendation Read Replies (2) of 3249

Below is too low IMO, but it highlights the structural subordination of the bonds. Message 27981232 We also lowered our issue-level rating on ATP's $1.5 billion second lien notes to 'CCC-' (two notches lower than the corporate credit rating) from 'CCC+' and revised our recovery rating on those notes to '6' from '4', *indicating our expectation of negligible (0% to 10%) recovery in the event of a payment default.* (For the full recovery analysis, please see the recovery report on ATP to be published subsequently on RatingsDirect.)

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