KBRA rates Atlas BB+

KBRA said it rated Atlas Corp. BB+ with a stable outlook.

“The rating reflects Atlas’s strong business risk management and the positions of its key operating subsidiaries (Seaspan Corp. and APR Energy which account for 89% and 11%, respectively, of adjusted EBITDA). In the absence of material debt obligations at the holding company level, the issuer rating for Atlas is aligned with the Seaspan issuer rating of BB+. The rating reflects the quality assets in those companies along with the amount of unencumbered assets,” the agency said in a press release.

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