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S&P rates American Seafoods loan BB
Standard & Poor's said it assigned a BB senior secured bank loan and 1 recovery rating to American Seafoods Group LLC's (B+ corporate credit rating) $50 million term loan B-3 due 2012.
The outlook is negative.
Ratings reflect the company's high leverage, aggressive financial policy and participation in the competitive, commodity-oriented commercial fishing industry, the agency said.
"While the company continues to demonstrate stable operating performance, we believe it will be more challenged to materially reduce debt leverage in the near term, particularly as its discount notes become cash pay in May 2009," S&P analyst Patrick Jeffrey said in a written statement.
"However, if the company can improve leverage closer to 5 times and maintain stable operating performance and liquidity, we could revise the outlook to stable," he continued.
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