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S&P cuts Commercial Barge
S&P said it cut the rating on Commercial Barge Line Co. to CCC from CCC+ and the rating on its term loan to CCC- from CCC.
“Commercial Barge Line Co. (CBL) faces upcoming maturities of its $640 million asset-backed lending (ABL) revolver and the $949 million outstanding balance on its term loan within the next 12 months along with high debt leverage, which we do not expect to improve absent unforeseen positive developments,” said S&P in a press release.
The company reported negative free operating cash flow for three consecutive quarters. “Overall, we view CBL’s capital structure as unsustainable due the company’s adjusted debt leverage of around 10x this year and next,” the agency said.
The outlook is negative.
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