Moody's reviews Commercial Barge Lines

Moody's Investors Service said it placed on review for downgrade Commercial Barge Line Co.'s B1 corporate family rating, B2 probability-of-default rating and the B2 rating (LGD4, 53%) assigned to the $200 million of 12½% senior secured second-lien notes due 2017.

Moody's affirmed the SGL-2 speculative grade liquidity rating.

The review follows the announcement that its publicly traded parent, American Commercial Lines, Inc., will be acquired by an affiliate of Platinum Equity Partners for $777 million, including the $356 million of debt.

The action reflects the uncertainty about the company's future capital structure, the agency 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.