S&P continues to watch Abbot

Standard & Poor's said it is keeping its B- long-term corporate credit ratings on Abbot Group Ltd. and related entity Turbo Alpha Ltd. on CreditWatch, where they were placed with negative implications in November due to concerns about ongoing covenant compliance. The recovery ratings of 3 on Turbo Alpha's senior secured bank facilities are unchanged.

The continuing watch reflects an understanding that Abbot Group's majority owner, First Reserve, is considering various actions to support the group's credit profile and that discussions to amend the group's covenants are underway, S&P said.

The agency said the company's covenant risk remains high even though it was in compliance with its covenants at the end of 2009.

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