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Bulletin: BW Group Ltd. Ratings Unaffected By Refinancing Plan Sep 11
Standard & Poors, Sep 2011
Abstract
SINGAPORE (Standard & Poor's) Sept. 30, 2011--Standard & Poor's Ratings Services said today that rating on BW Group Ltd. (BB/Stable/--) and the 'BB' issue rating on the company's US$500 million of senior unsecured notes due 2017 are not affected by the company's refinancing plan. We believe BW's financial risk profile and liquidity would still support the current rating, if the company executes the refinancing under the terms made public. In our view, the refinancing arrangement will better position bondholders in the event of distress and prevent subordination of the bonds. This is because the bonds will have a separate list of vessels as collateral from BW's proposed US$1.5 billion secured revolving credit facility. The bonds will in effect rank pari...
Companies mentioned in this report are: BW Group Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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