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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. 

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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A vessel has leaked oil in waters off the coast of Grand Bahama, but Minister of Transport and Aviation Glenys Hanna-Martin says she is "comfortable in saying that the harbour and the environment are not at any risk." Grand Bahama transshipment and oil storage company BORCO has offered assistance in the clean-up operation. Watch ZNS news reports here.

George Markantonis, president and managing director of the Atlantis Paradise Island megaresort says that the Battle4Atlantis basketball tournament is “the richest preseason tournament" bar none, according to The Washington Post.

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