/Not for distribution to United States or for dissemination in the
United States /
HALIFAX, May 7, 2012 /CNW/ - (TSX: CLR, CLR.DB.B, CLR.DB.A):
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Moody's Investors Service upgrades Clearwater's Corporate Family Rating
from B3 to B2
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Standard and Poor's Ratings Service provides Clearwater with Corporate
Credit Rating of B.
Today, Clearwater Seafoods Incorporated reported that in light of its
continued strong performance and review of refinancing alternatives for
its current debt facilities Moody's Investors Service has upgraded the
Corporate Family Rating on its wholly owned subsidiary, Clearwater
Seafoods Limited Partnership ("Clearwater") and Standard and Poor's
Ratings Services has issued a Corporate Credit Rating of B.
Moody's Investor Services upgraded Clearwater's Corporate Family Rating
from B3 to B2 with a stable outlook. In addition, Moody's assigned a
B1/LDG3 rating on the proposed senior secured credit facilities.
Standard and Poor's Ratings Services has issued a Corporate Credit
Rating on Clearwater of B with a stable outlook as well as a BB- rating
on the proposed senior secured credit facilities.
Ian Smith, Clearwater's CEO commented "the upgrade by Moody's and the
strong rating by Standard and Poor's provide support for the proposed
refinancing based on the Company's strong financial results, our plans
for the future and the significant value in our quotas. The financing
we are considering will improve our capital structure and support the
execution of our five-year growth plan for the business while reducing
our cost of capital, all of which will enable us to continue to build
shareholder value."
The completion of the proposed financing is subject to securing
commitments from potential lenders and the negotiation of satisfactory
terms. Accordingly, Clearwater cannot provide any assurances at this
time that commitments will be secured, and even if such commitments are
secured, that the proposed refinancing will be concluded.
COMMENTARY REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements, including,
without limitation, with respect to the proposed refinancing. Such
statements involve known and unknown risks, uncertainties, and other
factors outside management's control including, but not limited to, the
possibility that the proposed financing will not be obtained, the terms
of the proposed financing may not be obtained on favorable terms, total
allowable catch levels, selling prices, weather, exchange rates, fuel
and other input costs that could cause actual results to differ
materially from those expressed in the forward-looking statements.
Clearwater does not undertake any obligation to publicly revise these
forward-looking statements to reflect subsequent events or
circumstances other than as required under applicable securities laws.
About Clearwater
Clearwater is one of North America's largest vertically integrated
seafood companies and the largest holder of shellfish licenses and
quotas in Canada. It is recognized globally for its superior quality,
food safety, diversity of species and reliable worldwide delivery of
premium wild, eco-certified seafood, including scallops, lobster,
clams, coldwater shrimp, crab and groundfish.
Since its founding in 1976, Clearwater has invested in science, people
and technological innovation as well as resource ownership and
management to sustain and grow its seafood resource. This commitment
has allowed it to remain a leader in the global seafood market and in
sustainable seafood excellence.
