Moody’s upgrades Trailer Bridge rating
Trailer Bridge Inc. said Wednesday that Moody’s Investors Service has changed the rating outlook of the trucking and marine freight service company to stable from negative and affirmed all existing ratings, including the B3 Corporate Family Rating
Moody's said it expects that credit for Trailer Bridge should remain within the B3 band, adding the company's final dismissal from a class action lawsuit related to anticompetitive activity in the Puerto Rico marine trade lane helped its rating.
Moody's also confirmed its rating of B3 on the company's $83 million, 9.25 percent senior secured notes due November 2011.
Standard & Poor's in April also revised its outlook on the company from negative to stable, saying '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.'
“Over the past year, our management team has remained focused on maximizing our cash flow and strengthening our balance sheet,' said Ivy Suter, Trailer Bridge chief executive officer.
Moody’s upgrades Trailer Bridge rating
