Fitch Rates Maytag Sec'd Credit Facility 'BB+'; Lowers Sr. Unsec'd to 'B+'; Remains on Watch.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- After completion of a new $600 million asset-based, senior secured facility, which has replaced an existing $300 million credit facility, Fitch has assigned a 'BB+' rating and 'RR1' recovery rating to Maytag Corporation's (MYG) new secured credit facility, lowered the rating and recovery rating on MYG's senior unsecured notes to 'B+' and 'RR4' from 'BB' and 'RR2', respectively, and has withdrawn its ratings on the existing facility. The issuer default rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) of Maytag Corp. (MYG) is 'B+'. All ratings remain on Rating Watch Evolving, where they were placed on July 19, 2005. The recommended rating for the new asset-based facility reflects its superior position in the capital structure and its outstanding recovery prospects. The downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of the senior unsecured notes reflects their subordinated position, reduced recovery prospects in a distressed situation, and Maytag's deteriorating operating performance. By entering into this agreement, Maytag has eliminated any liquidity risk related to $412 million of debt maturing in 2006. Large repayments of $185 million and $200 million are due in March and December, respectively. MYG's definitive merger agreement with Whirlpool Corp. remains subject to Department of Justice and the company's stockholder approvals. On Oct. 1, 2005, MYG had approximately $974 million of notes outstanding. For additional information, see the Fitch press release dated Oct. 14, 2005 and available on the Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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