S&P: TransMontaigne unchanged

Standard & Poor's said TransMontaigne Inc.'s (BB-/developing/--) rating would be unchanged by the announcement of its new $400 million credit facility.

Although the new credit facility will improve TransMontaigne's liquidity, S&P said it remains concerned about the ramifications from the filing delay of TransMontaigne's 10-K for year ended June 30, currently due Sept. 28.

In addition, S&P said it is concerned about the company's debt leverage, which has escalated significantly since the assignment of the current rating and TransMontaigne's dependence on its trading operations for profitability.

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