S&P rates Atlantic Marine, loan B+

Standard & Poor's said it assigned its B+ corporate credit rating to Atlantic Marine Holding Co.

At the same time, the agency said it assigned its B+ bank loan rating and 2 recovery rating.

The outlook is stable.

S&P noted that the ratings on Atlantic Marine reflect high debt leverage, a modest revenue base, especially compared with some competitors in the government sector and growth dependent on the more competitive and cyclical non-military and marine fabrication segments, adding that these factors are offset by the high barriers to entry in the marine repair industry and the company's fairly good diversity of vessels serviced.

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