Ratings on Horizon Lines reflect its aggressive financial profile, modest financial flexibility, participation in the capital-intensive and competitive shipping industry, and an aging fleet.

The most significant thing I've seen has been the level of participation.

The uncertainty on the filing is probably what the market is looking at.

We will monitor Navistar's progress in reaching a prompt resolution, as well as its current and prospective sources of liquidity. If it appears that the company will be unable to resolve these potential defaults quickly, or if the company's liquidity were to become a concern, a multiple-notch downgrade is possible.

We currently believe that Navistar will resolve the potential default well before the 60-day cure period ends. If it appears that the company will be unable to resolve this potential default quickly, or if the company's liquidity were to become a concern, a multiple-notch downgrade is possible.

What I'm looking for is players that are smart, that give us flexibility to take advantage of our opponent.