S&P's Cuts Pacific & Atlantic Ratings

Monday, January 17, 2000
Standard & Poor's lowered its corporate credit ratings on Pacific & Atlantic Holdings Inc. to 'SD' (selective default) from double-'C'. At the same time, the ratings on the company's 11.5% $128 million first preferred mortgage notes, due 2008, were lowered to 'D' (default) from double-'C'. All ratings are removed from CreditWatch, where they were placed on March 2, 1999, with negative implications. The rating actions took place at the end of an extended grace period for the payment of the half-yearly interest installment on Pacific & Atlantic's first preferred mortgage notes. The company did not make the coupon payment due on Nov. 30, 1999. Pacific & Atlantic has reached the final stage of negotiations in a restructuring agreement with bondholders, which will involve a swap of debt for equity. The company's corporate credit rating has been placed on 'SD' as it is still current on some of its other senior secured obligations. Standard & Poor's will meet with management in the coming months to review the company's new financial structure, and assign a new rating as appropriate.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0602 sec (17 req/sec)