Moody’s Reviews Rating of Midland Enterprises

Wednesday, February 06, 2002
Moody's Investors Service placed the debt rating of Midland Enterprises debt under review for potential downgrade following the announcement by its parent company, KeySpan Corporation, of KeySpan's intent to sell Midland to Ingram Industries. According to KeySpan, the transaction contemplates that Ingram Industries would assume approximately $135 million of Midland debt in a transaction expected to close during the second quarter of 2002. Moody's review will focus on the treatment of Midland debt securities within Ingram's capital structure, the market position of Midland when combined with Ingram's own inland barge operations, and the prospects for improving free cash flow in the slow growth barge business. Ingram is a privately held company and is presently unrated by Moody's. Moody's will also assess whether sufficient information will be available to monitor the rating of Midland securities once the transaction is closed. Midland's present rating takes into account the company's historically solid position in the upper mid-west barge transport market, some stability in revenue from long term contracts with key utility customers, the security interest of the bonds in a portion of Midland's fleet and that the company is a subsidiary of KeySpan Corporation, a substantial utility holding company. The prior negative outlook on Midland's rating anticipated the likely sale of Midland as its barge operations were not likely to be considered strategically important to the substantially larger utility operations of KeySpan.

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

Passenger Vessels

Tallink Christens LNG Ferry Megastar

A new LNG-driven fast ferry Megastar was christened in Meyer Turku shipyard for owner/operator Tallink Grupp. The environmentally sound ship was christened on

Red Funnel Catamaran Powered by MTU Engines

The latest addition to the British Red Funnel ferry fleet, Red Jet 6, completed first sea trials in June 2016 and will go into service in July. The high-speed catamaran

Fincantieri Delivers Seven Seas Explorer

The first of two ultra luxury cruise ships delivered for Regent Seven Seas Cruises   Seven Seas Explorer, the newest ultra luxury ship of Regent Seven Seas Cruises,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0674 sec (15 req/sec)