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

Passenger Vessels

World's Richest Travellers Prefer Panama

According to AFP Relaxnews, Panama saw the most growth in interest among the world’s richest jetsetters for travel this winter and spring.   Panama saw the most

Peak Shipping Season Is Approaching For United Yacht Transport

Spring is the busiest season for United Yacht Transport, the North American leader in boat transport. The international boat transporters are set to complete various shipments in the upcoming months.

SS United States to Sail Again

Crystal Cruises reaches deal to restore the record-breaking and storied SS United States to a fully operational modern luxury cruise ship   Crystal Cruises has

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.0945 sec (11 req/sec)