S&P boosts Evergreen International Aviation

Standard & Poor's said it raised its corporate credit rating on Evergreen International Aviation Inc. to B from B- and removed the rating from CreditWatch with positive implications, where it was placed on July 21, 2006.

At the same time, the agency said it affirmed the company's B+ bank loan rating and withdrew the CCC+ senior secured debt rating.

The rating actions reflect the successful completion of Evergreen's debt refinancing, in which the company replaced existing debt with new bank debt, S&P noted.

The outlook is now stable.

"The upgrade reflects the favorable near-term operating outlook for most of the company's businesses and its improved liquidity position," said S&P credit analyst Lisa Jenkins.

The ratings also reflect the company's participation in a cyclical, competitive and capital-intensive industry and its highly leveraged capital structure, the agency added.

© 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.