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S&P lowers Trailer Bridge
Standard & Poor's said it lowered the long-term corporate credit rating on Trailer Bridge Inc. to D from CC, along with the rating on its senior secured notes to D from CC.
The 4 recovery rating, indicating 50% to 70% expected recovery, remains unchanged.
The downgrade reflects Trailer Bridge's failure to pay off its $82.5 million senior secured notes that matured Nov. 15, 2011, S&P said.
The company also is in default under the terms of its senior secured debt that is unrated, giving the senior secured debt holders the right to accelerate payments due, the agency said.
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