E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 8/15/2011 in the Prospect News High Yield Daily.

S&P downgrades Windsor

Standard & Poor's said it lowered to BB- from BB+ the rating on Windsor Petroleum Transport Corp.'s $239.1 million of secured term notes due Jan. 15, 2021.

The outlook remains negative.

The agency also said it revised its recovery rating to 4 from 3, indicating 30% to 50% expected recovery in a default.

The action follows cancellation of Windsor's memorandum of understanding to sell a vessel, the Pioneer, for a net value that would have redeemed the principal and interest associated with the vessel, S&P said.

The agency said it believes the weak tanker environment will make it difficult to find another buyer at a similar price in the short term.

As a result, Windsor must continue to operate the vessel in the merchant market at spot-charter rates, exposing it to merchant and operating risk, while it seeks a long-term solution, S&P said.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.