S&P affirms Atlantic Marine Holding

Standard & Poor's said it affirmed its B+ bank loan rating and 2 recovery rating on Atlantic Marine Holding Co.'s proposed $155 million secured credit facility.

The facility consists of a $35 million revolving facility due 2012 and a $120 million term loan due 2013, the agency said, noting that the affirmation follows a change in the collateral package securing the facility that now excludes land and buildings at the company's Jacksonville, Fla., facility due to an onerous mortgage filing tax in Florida.

S&P added that the corporate credit rating on Atlantic Marine is B+ and the outlook is stable, stating that the ratings on the company 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 nonmilitary and marine fabrication segments.

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