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S&P rates Excel B+, notes B-
Standard & Poor's said it assigned Excel Maritime Carriers Ltd. a B+ long-term corporate credit rating and its proposed $250 million of senior bonds a B- issue rating.
The outlook is negative.
The ratings reflect the company's weak business risk profile, which is constrained by its participation in a high-risk industry, as well as its low long-term charter coverage, S&P said.
The ratings are further constrained by the company's aggressive financial risk profile and tightening covenant headroom, S&P said.
The ratings are supported by Excel's competitive market position, sound operating record and commitment to reducing debt in the short term, the agency said.
The adjusted debt-to-EBITDA ratio was 5.4 times for the 12 months ended Sept. 30.
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