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S&P gives Ultrapetrol (Bahamas) Ltd ‘B-‘ rating

December 3, 2012, Standard & Poor's Rating Services placed its 'B-' issuer credit rating on South American shipping company Ultrapetrol (Bahamas) Ltd, despite an agreement with Southern Cross Group that may result in a $220-million capital injection into the company. 

Source:
Date:
Updated:
Reuters
Tuesday, December 4, 2012
Tuesday, December 4, 2012

OVERVIEW — Ultrapetrol (Bahamas) Ltd. recently announced an agreement with Southern Cross Group that may result in a $220 million capital injection in the company.

— We are placing our ‘B-‘ issuer credit rating on Ultrapetrol on CreditWatch with developing implications. — We will resolve the CreditWatch placement as the uncertainties regarding the transaction’s closing dissipate and, if the transaction closes, when we have more information regarding the agreement’s impact on the company’s stakeholders.

This is an excerpt from Reuters as it appeared on December 4, 2012. For updates or to read the current version of this post in its entirety, please click here.

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