S&P keeps Versacold on developing watch

Standard & Poor's said it kept the B long-term corporate credit rating on Versacold International Corp. (formerly Eimskip Holdings Inc.) on CreditWatch with developing implications, where they were placed Nov. 6.

The watch reflects the financial uncertainty that parent Hf. Eimskipafelag Islands (unrated) faces and the announcement about a formal sale of at least 51% of its stake in Versacold.

Ratings reflect the company's high debt level relative to its operating cash flow, which has resulted in very weak cash flow coverage and leverage measures, the agency said.

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