Recovery Report: Commercial Barge Line Co.'s Recovery Rating Profile Mar 12
Standard & Poors, March 2012
Abstract
Standard & Poor's Ratings Services has raised its issue ratings and revised its recovery ratings on notes issued by U.S.-based shipping company Commercial Barge Line Co. (CBL) and parent ACL I Corp. We simulate a payment default in 2014 due to a severe decline in demand for liquid and dry bulk commodity products in the U.S. and abroad. We believe that if CBL defaulted, lenders would achieve greatest recovery value through a company reorganization rather than liquidation because of CBL's significant fleet of barges and network of terminals. CBL is the issuer of the $200 million second-lien notes due 2017 and a co-borrower under the company's $475 million asset-based loan (ABL) credit facility. Other co-borrowers under the ABL facility include...
Companies mentioned in this report are:
- American Commercial Lines Inc.
- Commercial Barge Line Co.
- ACL I Corp.
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: Full Analysis
- American Commercial Lines Inc.
- Commercial Barge Line Co.
- ACL I Corp.
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