Moody's lifts Great Lakes Dredge

Moody's Investors Service said it upgraded Great Lakes Dredge & Dock Corp.'s corporate family and probability-of-default ratings to B2 from B3 and its $175 million 7¾% guaranteed senior subordinated notes due 2013 to B3 (LGD5, 73%) from Caa1 (LGD5, 73%).

The outlook is stable.

The agency said the upgrade reflects Great Lakes Dredge's backlog gains and a view that 2009's earnings gains should continue in 2010. The company's improved performance reflects a domestic dredging bid market on course to exceed $1 billion in 2009, Moody's said - the highest market bid level since 2002.

The B2 corporate family rating balances the historically volatile domestic dredging bid market with Great Lakes Dredge's good market position, expectation of sustained net profits and moderate financial leverage over 2010, the agency said.

© 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.