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FGLP |
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The company expects to utilize the net proceeds from this transaction, as well as cash generated by FGP's recent $40 million equity offering, to reduce outstanding debt, including approximately $109 million in FGLP notes maturing in August 2005. The ratings downgrade of both FGP and FGLP reflects reduced profitability and continued weak debt leverage and interest coverage metrics. The rating downgrade and Negative Rating Outlook of both FGP and FGLP reflects continued weak credit measures and Fitch's expectations that the company's financial profile will remain out of line with the rating category in the near- to intermediate-term. |
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