S&P: Secunda remains on positive watch

Standard & Poor's said its B- long-term corporate credit and senior secured debt ratings on Secunda International Ltd. will remain on CreditWatch with positive implications, where they were placed Sept. 29.

The continued CreditWatch listing is the result of the company's ongoing efforts to complete its IPO, in which it plans to sell common stock, S&P said, adding that in conjunction with the IPO, Secunda has also extended its tender offer for its senior secured notes.

In June, Nova Scotia-based Secunda concurrently discontinued its IPO registration process with the U.S. SEC and opted to file in Canada, the agency said, noting that net proceeds will be used to fund the acquisition of an additional vessel, repay existing indebtedness and for general corporate purposes.

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