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S&P: Trailer Bridge view stable
Standard & Poor's said it revised the outlook on Trailer Bridge Inc. to stable from negative and affirmed its B- long-term corporate credit rating and B- rating on the senior secured debt. The recovery rating on this debt is unchanged at 3, indicating an expectation of a 50% to 70% recovery in the event of a default.
The ratings reflect the company's highly leveraged financial profile, concentrated end-market demand and participation in the capital-intensive and competitive shipping industry, S&P said.
Positive credit factors include the less-cyclical nature of demand for consumer staples that Trailer Bridge mostly carries, the agency said, and barriers to entry due to the Jones Act, which regulates intra-U.S. shipping.
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