S&P downgrades Ultrapetrol

Standard & Poor's said it lowered its corporate credit and issue-level ratings on Ultrapetrol (Bahamas) Ltd. to CC from B-.

The downgrade reflects Ultrapetrol's announcement that it failed to meet the $10 million interest payments on its senior notes due Dec. 15 and on the $6.5 million interest and principal payments on other loan facilities related to Ultrapetrol's river business.

The CreditWatch negative listing reflects that S&P will lower the ratings to D or SD if Ultrapetrol doesn't make the payments within the 30-day cure period, depending on restructuring negotiations.

© 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.