S&P raises credit rating of Clearwater Seafood
SEAFOOD.COM NEWS [SCOM] - April 16, 2014 -
Standard & Poor's Ratings Services raised its long-term corporate credit rating on Halifax, N.S.-based Clearwater Seafoods L.P. to 'B+' from 'B'.
At the same time, Standard & Poor's raised its issue-level rating on the company's senior secured bank debt to 'BB' from 'BB-'.
"The upgrade reflects what we view as the continued strengthening of Clearwater's financial risk profile given greater-than-expected EBITDA in the past year," said Standard & Poor's credit analyst Lori Harris. This has resulted in improved credit protection measures for the company, including adjusted debt to EBITDA of 3.3x and funds from operations (FFO) to debt of 23% in 2013.
To Read Full Story Login Below.