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S&P: Matson on watch
Standard & Poor's said it placed its A- long-term corporate credit rating on Matson Navigation Co. Inc. on Creditwatch with negative implications.
At the same time, the agency said it placed its A- long-term corporate credit rating on Matson's parent, Alexander & Baldwin Inc., on Creditwatch with negative implications.
"The Creditwatch placement reflects worse-than-expected operating performance and its view that the company's financial profile will continue to be under pressure because of the U.S. recession and global economic weakness," said S&P credit analyst Funmi Afonja.
Matson's financial measures have weakened in recent months due to a steep drop in container volumes in all trade lanes served, the agency added.
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