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S&P affirms Atlantic Marine
Standard & Poor's said it affirmed Atlantic Marine Holding Co.'s corporate credit rating at B+ and its proposed $230 million secured amended credit facility, which is being increased to fund a $69.5 million dividend, at BB- with a recovery rating of 2.
The outlook is stable.
The agency said the ratings on Atlantic Marine reflect its weak credit protection measures, its modest revenue base and the dependence of its growth on the more competitive and cyclical nonmilitary and marine fabrication segments.
These factors are partly offset by the high barriers to entry in the marine repair industry and the company's fairly good diversity of vessels serviced, S&P said.
The debt-to-EBITDA ratio in 2007 was expected to be around 2.7 times, but with the dividend is more likely to be 3.4 times.
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