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| Prospect News home > News index > List of issuers G > Headlines for Global Ship Lease, Inc. > News item |
S&P rates Global Ship Lease notes B, revolver B+
Standard & Poor's said it assigned a B long-term corporate credit rating to the Global Ship Lease Inc.
The agency also said it assigned a B rating to the company's proposed $400 million first-lien senior secured notes. The recovery rating on this debt is 3, indicating 50% to 70% expected default recovery.
S&P also said it assigned a B+ rating to the company's proposed $50 million revolving credit facility. The recovery rating on this debt is 2, indicating 70% to 90% expected default recovery.
The outlook is stable.
The ratings reflect the company's weak business risk profile and highly leveraged financial risk profile, the agency said.
The ratings also consider the company's adequate liquidity, S&P said.
The ratings are constrained by its exposure to volatile container shipping charter rates and vessel values, the agency said.
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