Research Update: Trailer Bridge Inc. Downgraded To 'D' After Defaulting On Notes; Issue Rating Also 'D', Recovery Rating Remains '4' Nov 11

Standard & Poors, November 2011

Abstract
U.S.-based Trailer Bridge Inc. is in default after it failed to make the principal and interest payments due on its $82.5 million senior secured notes (rated) that matured Nov. 15, 2011. We are lowering our corporate credit rating on Trailer Bridge to 'D' from 'CC'. We are also lowering our issue rating on the senior secured notes to 'D' from 'CC'. We are taking our corporate credit and issue-level ratings off CreditWatch, where we had placed them with negative implications. On Nov. 16, 2011, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Trailer Bridge Inc. to 'D' from 'CC'. At the same time, we lowered our issue-level rating on the company's senior secured notes to 'D'...

Companies mentioned in this report are: Trailer Bridge Inc.
Action: Downgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Trailer Bridge Inc.

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