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Aventine Is Placed On CreditWatch Negative After Startup Delays; $225 Million Notes Are Rated 'B+' Sep 11
Standard & Poors, Sep 2011
Abstract
Dallas-based ethanol company Aventine Renewable Energy Holdings Inc. had delays in starting up its new Mt. Vernon ethanol plant and continues to have delays at Aurora West. Startup at Aventine's Canton facility has been delayed until 2012. The company has generated EBITDA below our expectations for the first half of 2011. We are assigning a 'B+' issue rating and '2' recovery rating to Aventine's $225 million senior secured notes. At the same time, we are placing our ratings on the company on CreditWatch with negative implications. NEW YORK (Standard & Poor's) Sept. 30, 2011--Standard & Poor's Ratings Services said today that it assigned a 'B+' issue rating and '2' recovery rating to Aventine Renewable Energy Holdings Inc.'s $225 million senior...
Companies mentioned in this report are: Aventine Renewable Energy Holdings Inc.
Action: New Rating
Action: On CreditWatch:Negative
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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