Press release from CNW Group
Armtec Infrastructure Inc. Reports Rating Agency Review
Wednesday, June 15, 2011
Toronto Stock Exchange: ARF; ARF.DB
GUELPH, ON, June 15, 2011 /CNW/ - Armtec Infrastructure Inc. (the "Company" or "Armtec") (TSX: ARF) (TSX: ARF.DB) today reported that Standard & Poor's Rating Services and DBRS have both announced that ratings issued for Armtec Holdings Limited, a wholly owned subsidiary of Armtec, and the 8.875% Senior Unsecured Notes, Series A due September 22, 2017 issued by Armtec Holdings Limited (the "Senior Notes") have been placed under review.
DBRS announced that it has placed the BB(low) issuer rating for Armtec Holdings Limited and the BB rating for the Senior Notes under review with negative implications. Standard & Poor's announced that it has lowered its long-term corporate credit rating on Armtec Holdings Limited to "B+" from "BB-" and lowered its rating on the Senior Notes to "B-" from "B." The recovery rating on the Senior Notes remained unchanged by Standard & Poor's at "6," indicating negligible recovery (0%-10%) in the event of a default. Standard & Poor's further announced that it is placing the ratings on CreditWatch with negative implications. For further information, please visit the Standard & Poor's website (www.standardandpoors.com) and the DBRS website (www.dbrs.com).
ABOUT ARMTEC INFRASTRUCTURE INC.
Armtec is a leading manufacturer and marketer of a comprehensive range of infrastructure products and engineered construction solutions for customers in a diverse cross-section of industries that are located in every region of Canada, as well as in selected markets globally. These markets include Canada's national and regional public infrastructure markets and private sector markets in agricultural drainage, commercial building, residential construction and natural resources. Operating through its network of regional offices and production facilities across the country, Armtec's broad range of engineered solutions include products for drainage, bridge applications, soil retention, rehabilitation and water management systems including corrugated high-density polyethylene, corrugated steel and concrete pipe; an array of architectural and structural precast and pre-stressed concrete products from steps, paving stones, slabs and wall panels to highly engineered structural components designed and installed for projects such as bridges, sports venues and parking garages; and a full suite of noise barriers, acoustic enclosure and wall systems along with associated retaining wall and traffic barrier systems.
This news release may contain "forward-looking" statements within the meaning of applicable securities legislation which involve known and unknown risks, uncertainties and other factors which may cause the actual results, events, performance or achievements of Armtec or industry results, to be materially different from any future results, events, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements typically contain such words or phrases as "may", "outlook", "objective", "intend", "estimate", "anticipate", "should", "could", "would", "will", "expect", "believe", "plan" and other similar terminology suggesting future outcomes or events. Forward-looking statements reflect current expectations regarding future results, events, performance and achievements and are based on information currently available to Armtec's management, anticipated operating and financial results of Armtec, and current and anticipated market conditions.
Forward-looking statements involve numerous assumptions and should not be read as guarantees of future results, events, performance or achievements. Such statements will not necessarily be accurate indications of whether or not such future results, events, performance or achievements will be achieved. You should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of Armtec, could cause actual results, events, performance or achievements to differ materially from the results, events, performance or achievements discussed in the forward-looking statements, including, but not limited to the factors discussed in Armtec's materials filed with the Canadian securities regulatory authorities from time to time. Although the forward-looking statements contained in this news release are based upon what management of Armtec believes are reasonable assumptions, Armtec cannot assure investors that actual results, events, performance or achievements will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of the date of this news release and, except as required by applicable law, Armtec assumes no obligation to update or revise them to reflect new events or circumstances.
For further information:
|Charles M. Phillips||James R. Newell||Carrie Boutcher|
|President & Chief Executive Officer||Chief Financial Officer||Vice President, Investor Relations & Treasurer|
|Tel: (519) 822-0210||Tel: (519) 822-0210||Tel: (519) 822-0210|
|Fax: (519) 822-8894||Fax: (519) 822-8894||Fax: (519) 822-8894|