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S&P drops Oceanografia to CCC
Standard & Poor's said it lowered the long-term corporate credit rating on Oceanografia SA de CV and its $335 million senior secured notes to CCC from B. Ratings remain on CreditWatch with negative implications, where they were placed Jan. 19.
"The current downgrade reflects continued deterioration of the company's financial results, the company's limited liquidity and its poor disclosure of financial information," S&P analyst Enrique Gomez-Tagle said in a statement.
Oceanografia's total adjusted debt-to-EBITDA ratio rose to 16.7x at the end of 2008, compared with 6.2x in 2007.
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