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Moody's cuts Great Lakes Dredge & Dock loans to B3, notes to Caa3
Moody's Investors Service said it downgraded the ratings of Great Lakes Dredge & Dock Corp.'s senior implied to B3 from B2, senior secured credit facilities to B3 from B2 and senior subordinated notes to Caa3 from Caa2. The outlook is negative.
Moody's said the ratings downgrade reflects continuing weak dredge market conditions, particularly in the capital projects sector.
The company's total December 2004 debt of $254 million represents leverage (lease-adjusted debt/EBITDAR) of about 8x. EBIT/interest coverage was weak, estimated at about 0.2 x, while Moody's said it estimates fiscal year 2004 free cash flow to be slightly negative.
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