Moody's rates Excel notes Caa1

Moody's Investors Service said it assigned Excel Maritime Carriers Ltd. B2 corporate family and probability of default ratings and its proposed issuance of $250 million senior notes due 2019 a provisional Caa1 (LDG5, 88.2%) rating.

The outlook is stable.

The ratings reflect the expectation that the company's credit metrics will remain subdued for most of the next two years and Excel's risk profile, Moody's said.

The ratings also consider Excel's consolidated leading position in the dry bulk industry as a result of growth by acquisition, its operating efficiency and its strong asset base, the agency said.

The stable outlook anticipates that Excel will maintain its position as a leading dry bulk owner and operator and that credit metrics will not deteriorate in 2011 compared with 2010 levels, Moody's said.

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