S&P assigns Britannia, bond B-

Standard & Poor's said it assigned its B- long-term corporate credit rating to Britannia Bulk plc.

At the same time, Britannia's proposed $215 million secured bond has been assigned an issue rating of B- with a recovery rating of 3, S&P said.

The agency noted that the ratings on Britannia reflect its participation in the highly cyclical, fragmented and capital-intensive bulk market, its small and old fleet and its leveraged capital structure.

These factors are only partially mitigated by Britannia's contract-based revenue structure and its relationship with key customers, the agency added.

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