S&P: Alexander & Baldwin on watch

Standard & Poor's said it placed its A- long-term corporate credit rating on Alexander & Baldwin Inc. on Creditwatch with negative implications.

At the same time, the agency said it placed its A- long-term corporate credit rating on subsidiary Matson Navigation Co. Inc. on Creditwatch with negative implications.

"The Creditwatch placement reflects worse-than-expected operating performance and its view that Alexander & Baldwin'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.

For the three months ended March 31, the agency said that Alexander & Baldwin's revenues were down 45% versus the prior-year period, due to greatly reduced real estate sales and a steep drop in container volumes in all trade lanes served.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.