Ultrapetrol (Bahamas) Ltd Apr 11
Standard & Poors, April 2011
Abstract
Dominant market position in the barge business at the Hidrovia river system and growing presence in the Brazilian offshore market. Adequate liquidity position. Highly leveraged financial profile with sizable debt levels and bold investment plan. Some exposure to climate conditions in its river operations. Exposure to inherent volatility of offshore shipping markets Refinancing risk in 2014 when its $180 million in notes come due. Standard & Poor's Ratings Services' ratings on Ultrapetrol (Bahamas) Ltd. (Ultrapetrol) reflect the company's vulnerable business risk profile and its highly leveraged financial risk profile. Ultrapetrol's business risk profile considers its exposure to climate conditions on its river business, which may affect the amount of cargo transported (mainly soybeans) as well as navigability in the upper...
Companies mentioned in this report are: Ultrapetrol (Bahamas) Ltd.,American Commercial Lines Inc.,Hornbeck Offshore Services Inc.,Horizon Lines Inc.
Action: Review
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
Ultrapetrol (Bahamas) Ltd.,American Commercial Lines Inc.,Hornbeck Offshore Services Inc.,Horizon Lines Inc.
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