Junk Bond status could hurt J. Lauritzen

The financial development of J. Lauritzen puts the carrier in a very serious situation, and according to SEB Enskilda, the carrier will be in breach of its financial solidity covenants by the end of 2014.

The financial situation of J. Lauritzen, DFDS's primary shareholder, has been through such negative developments recently that the carrier looks set to breach its financial covenants with the banks and the company's bond loans are nearing the point where they will be downgraded to junk bond status, at a B rating with a negative outlook, which ranks just above a CCC junk bond rating, according to the weekly newsletter.

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