S&P cuts Great Lakes Dredge outlook to stable

Standard & Poor's said it revised the outlook on Great Lakes Dredge & Dock Corp. to stable from positive.

The agency also said it affirmed the company's B corporate credit rating.

The outlook revision is based on an expectation that the company's operating performance in 2011 will likely be weaker than initial projections, S&P said.

Great Lakes has faced some challenges in its demolition segment, with certain projects experiencing cost overruns resulting in losses, the agency said.

It also incurred additional legal expenses in the second quarter as a result of subpoenas received by subsidiary Nasdi LLC, S&P 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.