Research Update: Granite Acquisition Inc. Downgraded To 'B+' On Weak Financial Performance; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Granite Acquisition Inc. Downgraded To 'B+' On Weak Financial Performance; Outlook Stable

Research Update: Granite Acquisition Inc. Downgraded To 'B+' On Weak Financial Performance; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Granite Acquisition Inc. Downgraded To 'B+' On Weak Financial Performance; Outlook Stable
Published Jun 13, 2016
7 pages (2364 words) — Published Jun 13, 2016
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About This Report

  
Abstract:

Energy-from-waste (EFW) owner and operator Granite Acquisition Inc.'s EBITDA has decreased and its leverage is higher than we anticipated. In addition, we expect persistently low energy and metals prices will continue to affect its financial performance. We have lowered our corporate credit rating on the company to 'B+' from 'BB-'. In addition, we lowered our ratings on the senior secured first-lien debt to 'B+' from 'BB-' and senior secured second-lien debt to 'B-' from 'B'. Granite is less diversified with a weaker competitive advantage and business profile than close peer Covanta Holding Corp. The stable outlook on Granite reflects our view that over the next 18 months the company will be able to fully meet its debt obligations and the

  
Brief Excerpt:

...(Editor's Note: The original version of this article misstated the Financial Policy score in the Ratings Score Snapshot. The corrected version follows.)...

  
Report Type:

Research Update

Issuer
Granite Acquisition Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Research Update: Granite Acquisition Inc. Downgraded To 'B+' On Weak Financial Performance; Outlook Stable" Jun 13, 2016. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Granite-Acquisition-Inc-Downgraded-To-B-On-Weak-Financial-Performance-Outlook-Stable-1863310>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Granite Acquisition Inc. Downgraded To 'B+' On Weak Financial Performance; Outlook Stable Jun 13, 2016. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Granite-Acquisition-Inc-Downgraded-To-B-On-Weak-Financial-Performance-Outlook-Stable-1863310>
  
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