| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers U > Headlines for United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Ltd. > News item |
S&P affirms U.K. Mutual Steam
S&P said it affirmed its A long-term issuer credit rating on U.K. P&I Club and its core group operating entities, United Kingdom Mutual Steam Ship Association (Bermuda) Ltd. and United Kingdom Mutual Steam Ship Association (Europe) Ltd.
On Aug. 22, the company redeemed its $100 million 7.5% notes.
“As this was the only debt instrument on the club's balance sheet, it will no longer be making interest payments. We expect no financial leverage or interest coverage over the next two years,” S&P said in a news release.
“This improves our financial flexibility assessment, which now largely reflects the club's proven access to the capital markets as well as its ability to make supplementary calls on International Group (IG) of P&I Clubs members.”
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.