Fitch places LimakPort notes on watch

Fitch Ratings said it placed Limak Iskenderun Uluslararasi Liman Isletmeciligi AS’ (LimakPort) $370 million of senior secured notes' B rating on rating watch negative.

Two major earthquakes rocked Iskenderun and its hinterland on Feb. 6 and interrupted port operations.

“The RWN reflects the uncertainty around the timing of resumption of operations, the expected use of liquidity reserves to fund fixed costs and debt service as well as the uncertainty around the timing of any insurance claim receipts for damage repair and business interruption,” Fitch said in a press release.

The agency noted LimakPort’s liquidity should cover 11 months of debt service and fixed operational costs; however, it may need to use these funds to pre-fund reconstruction pending insurance reimbursements.

© 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.