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S&P: Great Lakes Dredge view positive
Standard & Poor's said it affirmed the B corporate credit rating on Great Lakes Dredge & Dock Corp. and revised the outlook to positive from stable.
S&P also assigned a B to the company's proposed $250 million senior notes due 2019 with a recovery rating of 4, indicating expectation of 30% to 50% recover.
"The ratings and positive outlook on Great Lakes reflect its improved operating performance and credit measures that remain better than our expectations for the current rating level," S&P analyst Robyn Shapiro said in a statement.
"If the company's new executive management team executes their growth strategies - which may include future acquisitions - while maintaining financial policies commensurate with a higher rating, we could raise the ratings by a notch.
"The ratings also reflect our assessment of the company's highly leveraged financial risk profile and weak business risk profile, characterized by some cyclical dependence and high customer concentration with the federal government."
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