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Moody's Confirms Newport News Shipbuilding

Maritime Activity Reports, Inc.

June 4, 1999

Moody's Investors Service reportedly confirmed its debt ratings for Newport News Shipbuilding Inc following the announcement that Newport News will not increase the value of its bid for Avondale Industries,effectively terminating its interests in acquiring Avondale.
The orderbook for U.S. dredgers is about $3B, and according to DCA CEO Bill Doyle, the incoming political administration could help this niche maritime sector continue its bull run.
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