| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Horizon Lines, Inc. > News item |
S&P cuts Horizon Lines
Standard & Poor's said it lowered the long-term corporate rating on Horizon Lines Inc. to B from B+ and removed the ratings from CreditWatch, where they were placed with negative implications on June 12 and the senior secured debt to BB- with 1 recovery rating.
The agency downgraded the senior unsecured notes to CCC+ from B- with 6 recovery rating.
The outlook is negative.
S&P said the downgrade reflects Horizon Lines' weaker-than-expected financial profile due to earnings pressures stemming from significantly reduced shipping volumes and the lower cushion under the company's financial covenants.
© 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.