S&P affirms Marquette

Standard & Poor's said it has affirmed its B long-term corporate credit rating on Marquette Transportation Co. Holdings LLC and its B- issue-level and 5 recovery ratings on the company's $250 million second-lien notes.

The outlook is stable.

"Marquette, which provides towboats that power barges on rivers, is benefiting from modest rate increases and from improving volumes, particularly from the shipment of coal and grain, which are experiencing a modest pickup in volumes due to a strong export market," said S&P credit analyst Funmi Afonja in a news release. "This has resulted in higher vessel utilization and better operating efficiency, contributing to improved profitability, despite a weak U.S. economic outlook."

Marquette made an agreement with Cargill Inc. in August to acquire 387 river barges and six towboats from Alter Barge Line Inc. The transaction is expected to close in late September, according to an S&P press release.

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