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S&P: Trailer Bridge on watch
Standard & Poor's said it placed Trailer Bridge Inc.'s ratings on CreditWatch with negative implications.
The CreditWatch listing reflects a view that Trailer Bridge's refinancing and re-pricing risks have increased with the approaching Nov. 15, 2011 maturity of its $82.5 million senior secured notes, which represent the substantial majority of the company's outstanding debt, S&P said.
The company also has weak liquidity and a deteriorated financial risk profile, the agency said.
Trailer Bridge's credit measures are considered weak and could deteriorate further if fuel prices rise or if a debt refinancing causes a significant increase in cash interest payments and high transaction fees, S&P said.
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