S&P affirms Great Lakes Dredge ratings

Standard & Poor's said it affirmed its B+ corporate credit rating for Great Lakes Dredge & Dock Corp. after the company announced the consummation of its acquisition by Madison Dearborn Partners LLC (unrated).

At the same time, S&P affirmed its B+ bank loan rating on Great Lakes' $120.3 million senior credit facility and assigned a recovery rating of '3', indicating an expected meaningful (50%-80%) recovery of principal in the event of a default. S&P also affirmed its B- rating on Great Lakes' $175 million senior subordinated notes due 2013.

The outlook is stable.

S&P said the ratings on Great Lakes Dredge & Dock reflect its leading positions in moderate-size markets, offset by an aggressive financial profile and modest liquidity.

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