S&P lowers Saga to B-

S&P said it lowered the issuer credit rating on Saga plc to B- from B alongside the issue-level rating on Saga's senior unsecured debt.

S&P then placed all its ratings on Saga on CreditWatch with negative implications.

Saga’s upcoming maturities of £150 million senior notes due May 2024 and £62 million shipping debt facilities amortizing in 2023 “could somewhat pressure its liquidity; as a result, we assess its liquidity position as less than adequate,” S&P said in a news release.

“Despite expected improvement in cruise and travel operations for the fiscal year ending Jan. 31, 2024, and beyond, we are uncertain about the company's near-term organic free cash generation given the challenging operating conditions in the insurance broking and underwriting business.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.