S&P ups MB Holding

Standard & Poor's said it raised the long-term corporate credit rating on MB Holding Co. LCC to B+ from B, and removed the rating from CreditWatch, where it was placed with positive implications in October.

The outlook is stable.

The rating actions follow the successful placement of a $320 million five-year bond by MB Petroleum Service LCC, a key subsidiary of MB Holding, S&P said.

The agency said it understands the subsidiary has used the proceeds to refinance near-term debt.

The successful bond placement has greatly improved the group's liquidity position and financial risk profile, S&P said. Consequently, the agency said it now assess the financial risk profile as weak and views its debt maturity profile as more manageable.

But, S&P said it continue to assess MB Holding's liquidity position as less than adequate, reflecting a fairly low amount of cash in hand and limited availability under long-term revolving credit facilities.

© 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.