Trailer Bridge Announces Recent Revisions on Its Credit Ratings
09 Junio 2010 - 7:30AM
Business Wire
Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) today
announced that on June 1, 2010, Moody's Investors Service changed
the rating outlook of Trailer Bridge, Inc., to stable from negative
and affirmed all existing ratings, including the B3 Corporate
Family Rating (CFR). Moody’s cited its expectation that credit
metrics should remain within the B3 band and “substantial progress
toward Trailer Bridge's final dismissal from a class action lawsuit
related to anti-competitive activity in the Puerto Rico marine
trade lane.”
Moody’s also confirmed its CFR of B3 on the Company’s $83
million, 9.25% senior secured notes due November 2011.
Moody's announcement follows a similar action taken by Standard
& Poor's Ratings Services (S&P). In April 2010, S&P
revised its outlook on the Company from negative to stable.
“Trailer Bridge has over the past year improved its operating
performance due to significantly lower fuel expenses, cost-cutting
and better operating efficiencies, despite reduced freight volumes
and pricing pressures from prolonged economic weakness,” S&P
said in its news release.
Ivy Suter, Trailer Bridge’s Chief Executive Officer, said, "Over
the past year, our management team has remained focused on
maximizing our cash flow and strengthening our balance sheet. We
purchased $1.0 million face amount of our outstanding Senior
Secured Notes in January 2010, which has resulted in total debt
reduction of $5.3 million over the last four quarters. We believe
that the recent upgrades of Moody’s and S&P are a strong
validation that we are making progress to the benefit of all
Trailer Bridge shareholders.”
ABOUT TRAILER BRIDGE, INC.
Trailer Bridge provides integrated trucking and marine freight
service to and from all points in the lower 48 states and Puerto
Rico and Dominican Republic, bringing efficiency, service, security
and environmental and safety benefits to domestic cargo in that
traffic lane. This total transportation system utilizes its own
trucks, drivers, trailers, containers and U.S. flag vessels to link
the mainland with Puerto Rico via marine facilities in
Jacksonville, San Juan and Puerto Plata. Additional information on
Trailer Bridge is available at the www.trailerbridge.com
website.
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The matters discussed in
this press release include statements regarding the intent, belief
or current expectations of the Company, its directors or its
officers with respect to the future operating performance of the
Company and its asset utilization. Investors are cautioned that any
such forward looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those in the forward looking
statements as a result of various factors. Without limitation,
these risks and uncertainties include the risks of changes in
demand for transportation services offered by the Company, changes
in rate levels for transportation services offered by the Company,
changes in the cost of fuel, unfavorable outcomes from the United
States Department of Justice (“DOJ”) investigation and related
actions, economic recessions and severe weather as well the ability
to retain and/or attract the necessary personnel and maintain
necessary vendor relationships.
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