Moody's rates Commercial Barge loan Caa1

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

Moody's also affirmed all other ratings assigned to Commercial Barge and to its indirect parent, ACL I Corp., including the B3 rating it assigned on Feb. 25 to Commercial Barge's planned new first-lien term loan B.

The company has amended its refinancing plan and downsized the new term loan B to $450 million from an originally contemplated $650 million, and will now add a new $200 million second lien term loan due 2020 to which a Caa1 rating has been assigned.

Moody's also affirmed the SGL-3 speculative grade liquidity rating and will withdraw this rating if the company ceases to publicly file its financial statements.

The outlook is stable.

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