S&P: Secunda on developing watch

Standard & Poor's said it revised the CreditWatch implications on its B- long-term corporate credit and senior secured debt ratings on Secunda International Inc. to developing from positive.

The agency said that the rating action follows Secunda's announcement that it has terminated the IPO of its common shares in Canada and the consent solicitation for its outstanding senior secured floating-rate notes due 2012.

Secunda announced it would terminate the IPO of its common shares in Canada due to adverse market conditions, the agency noted, adding that in conjunction with its decision to discontinue the IPO process, Secunda also announced that it has terminated the cash tender offer and consent solicitation for its senior secured floating-rate notes due 2012.

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