S&P rates Interpool B+, Intermodal notes B-

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Interpool Inc. The outlook is stable.

At the same time, the agency said it assigned a B- rating to the proposed $325 million second-lien notes to be co-issued by TRAC Intermodal Corp. and TRAC Intermodal LLC, wholly owned subsidiaries of TRAC Intermodal Holding Corp., which is the parent of Interpool Inc.

The agency said it assigned the notes a 6 recovery rating indicating likely negligible recovery for noteholders in a payment default.

"The ratings on Princeton, N.J.-based Interpool reflect the company's substantial debt load and limited financial flexibility," said S&P credit analyst Funmi Afonja in a news release.

© 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.