S&P affirms K-Sea

Standard & Poor's said it affirmed its corporate credit rating on K-Sea Transportation Partners LP at BB-.

At the same time, ratings were removed from CreditWatch, where they were placed with negative implications on July 13, the agency said.

The outlook is now stable.

According to S&P, K-Sea was placed on CreditWatch with negative implications following the company's announcement in July that it was acquiring Smith Maritime Ltd. and Sirius Maritime LLC in a debt-financed transaction.

The agency added that the ratings affirmation reflects K-Sea's improved balance sheet and liquidity following the issuance of 3.5 million new common units, proceeds of which were used to pay down most of the borrowings related to the Smith Maritime Group acquisition and the refinance of existing debt.

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