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S&P lifts Great Lakes Dredge
Standard & Poor's said it raised its ratings on Great Lakes Dredge & Dock Corp., including its corporate credit rating to B from CCC+.
n addition, the ratings were removed from CreditWatch with positive implications, where they were placed on June 23, 2006, the agency said.
The outlook is stable.
S&P noted that the upgrade reflects the company's improved though still highly leveraged financial risk profile, marked by a lower debt balance as a result of the completion of the company's merger with special purpose acquisition company Aldabra Acquisition Corp.
The ratings on Great Lakes reflect the company's vulnerable business risk profile and highly leveraged financial risk profile, the agency added.
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