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Moody’s cuts Commercial Barge
Moody’s Investors Service said it downgraded the ratings of Commercial Barge Line Co., including the senior secured rating to Caa2 from Caa1, the corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.
The outlook is negative.
The agency said the downgrades reflect elevated financial risk as a result of a high debt burden and prolonged weakness in its liquid and dry cargo markets that have led to lower than expected operating performance.
Moody's said it estimates adjusted debt-to-EBITDA leverage to exceed 9x, well in excess of its expectations and very high for the company's operating profile.
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