Aventine Renewable Energy Ratings Lowered On Uncertain Liquidity Access; Outlook Negative Jul 12
Standard & Poors, July 2012
Abstract
U.S. ethanol producer Aventine's liquidity level is uncertain, particularly following its recent announcement that its future access to liquidity facilities could be limited. We are lowering our corporate credit rating on the company to 'CC' from 'CCC+' and our rating on the company's senior secured debt to 'CCC-' from 'B-'. The recovery rating is unchanged at '2'. The outlook remains negative, reflecting the risk of additional covenant violations or default in 2012, resulting from low liquidity. NEW YORK (Standard & Poor's) July 18, 2012--Standard & Poor's Ratings Services said today it lowered its corporate credit rating on Aventine Renewable Energy Holdings Inc. to 'CC' from 'CCC+'. We also lowered the rating on the company's senior secured debt due December 2015...
Companies mentioned in this report are:
- Aventine Renewable Energy Holdings 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.
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.
- Aventine Renewable Energy Holdings Inc.
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