Moody's affirms Commercial Barge Line

Moody's Investors Service said it affirmed the B2 corporate family and probability of default ratings on Commercial Barge Line Co.

The agency also said it affirmed the B2 ratings on the company's $200 million second-lien notes due July 2017 and the Caa1 rating on ACL I Corp.'s $280 million of pay-in-kind unsecured notes due February 2016.

Moody's also said it lowered the speculative-grade liquidity rating to SGL-3 from SGL-2.

The outlook is stable.

The downgrade of the speculative-grade liquidity rating reflects an expectation of ongoing negative free cash flow in 2012 as the potential remains for investment in the fleet to exceed improved operating cash flows, Moody's said.

The agency said it does not expect availability on the revolving credit to decline below the $48.8 million threshold for having to comply with financial covenants.

The ratings also consider the leading positions of the company's operations, Moody's added.

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