S&P puts Evergreen International Aviation on positive watch

Standard & Poor's said it placed its ratings on Evergreen International Aviation, Inc., including its B- corporate credit rating, on CreditWatch with positive implications.

The rating action follows Evergreen's announcement that it has commenced a tender offer for its 12% senior second secured notes due 2010, the agency said, noting that the rating action reflects the potential for a modest upgrade if the planned refinancing improves the company's liquidity and operating flexibility.

According to the agency, the existing ratings on Evergreen reflect its onerous debt service requirements, limited liquidity and participation in the cyclical, competitive and capital-intensive heavy airfreight business.

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