S&P: Great Lakes Dredge & Dock up to stable

Standard & Poor's said it revised its outlook to stable from negative and affirmed its ratings, including its B- corporate credit rating, on Great Lakes Dredge & Dock Corp.

S&P also affirmed Great Lakes Dredge & Dock's B- senior secured bank loan rating and CCC subordinated debt rating.

The outlook revision reflects S&P's view that the company's credit profile will improve in 2005 because of the company's strengthened backlog and as end markets continue to recover.

S&P said the speculative-grade ratings on Great Lakes reflect its well-below-average business risk profile, its very-aggressive financial profile and modest financial flexibility.

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