Moody's Ups Newport News

Friday, March 10, 2000
Moody's Investors Service upgraded the senior unsecured debt rating of Newport News Shipbuilding, Inc. (NNS) to Ba1 from Ba2 to reflect the company's improving operating and cash flow performance, and its strengthening business outlook and balance sheet, Moody's reported. The ratings also incorporate its still-weak balance sheet, notwithstanding the recent gradual improvements. Positive cash flows have led to reduced debt levels, Moody's said, which together with its expanded equity base (through retained profits), have led to a somewhat stronger, albeit still leveraged balance sheet. The company's outlook has also improved as a result of the resurgence of growth in the U.S. defense spending.

Finance

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Shipbuilding / Vessel Construction Sonar 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: 0.0579 sec (17 req/sec)