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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: BigBull who wrote (67544)6/3/2000 9:36:00 AM
From: SargeK  Read Replies (2) of 95453
 
FGH S&P Ratings

Posted on Yahoo:

"FGH Ratings
by: SargeK 6/3/00 9:24 am
Msg: 7985 of 7985
"NEW YORK (Dow Jones)--Standard & Poor's said Thursday it affirmed its single-B-plus corporate credit rating and single-B-minus subordinated debt rating on Friede Goldman Halter Inc. (FGH, news, msgs).

The outlook remains negative, S&P said.

The ratings affirmation follows FGH's announcement that it has signed a definitive agreement to sell its vessel repair unit to Bollinger Shipyards Inc. for $80 million, S&P said.

Proceeds from the all-cash transaction, which is expected to be completed in July 2000, will initially be used to reduce debt, according to S&P.

As a result, the transaction is expected to improve FGH's capital structure and liquidity, although the liquidity benefits of the transaction may be somewhat offset by a reduction in FGH's operating cash flow and committed bank credit lines, the ratings agency said.
quicken.webcrawler.com j/20000601/BT20000601005159.htm&symbol=FGH

Comment: I suspect release of the above report and the general drop in the sector yesterday was what blew the bloom off the rally. FWIW I'll continue to trade as long as I find it profitable and will gradually accumulate approximately half more former (over-weighted) position. To post facts that others may find bearish DOES NOT make one a bear; the flip side is also true.

Good luck,

SargeK

Posted as a reply to: Msg 7983 by ramcc54"
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