Moody’s upgrades Eletson to B2

Moody's Investors Service said it upgraded Eletson Holdings Inc.’s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and the rating on its $300 million first preferred ship mortgage notes due in 2022 to B2 from B3.

The outlook is stable.

"The upgrade reflects Eletson's continuing deleveraging, helped by more favorable charter rates for tankers since late 2014, and the expectation that the company can sustain credit metrics in line with a B2 rating," Marie Fischer-Sabatie, Moody's senior vice president and lead analyst for the issuer, said in a news release.

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