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Aventine Renewable Energy Holdings Rating Is Cut To 'CCC+'; Off Watch, Outlook Negative Dec 11
Standard & Poors, Dec 2011
Abstract
Dallas-based ethanol company Aventine Renewable Energy had delays in starting up its new Mt. Vernon ethanol plant and has not been able to sustain full capacity throughput levels at several of its operating plants. Aventine's Aurora West and Canton facilities have experienced delays and are not expected to get to full capacity until 2012. The company has generated EBITDA below our expectations for the first half of 2011 and we expect poor financial results will continue through 2012. We are lowering the company rating to 'CCC+' and the term loan issue rating to 'B-'. We are also removing the rating from CreditWatch with negative implications. The outlook is negative. The negative outlook reflects the risk of further delays in realizing...
Companies mentioned in this report are: Aventine Renewable Energy Holdings Inc.
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch
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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