S&P: Great Lakes Dredge notes B-, view stable

S&P said it revised the outlook on Great Lakes Dredge & Dock Corp. to stable from developing and affirmed its B- corporate credit rating.

At the same, the agency assigned a B- issue-level rating and 4 recovery rating to the company's proposed $325 million senior unsecured notes due 2022. The 4 recovery rating indicates an expectation for average recovery (30%-50%; rounded estimate: 35%) in the event of a payment default.

S&P intends to withdraw the B- issue-level rating and 4 recovery rating on the company's existing $275 million senior unsecured notes due 2019 following the completion of the transaction.

"The outlook revision reflects our belief that Great Lakes' credit measures will remain relatively steady over the next year as the company's environmental and infrastructure segment continues to stabilize," S&P credit analyst Michael Durand said in a news release.

"Additionally, the company's recent refinancing of its revolver extended the maturity of the facility to December 2019 from June 2017."

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