Moody's affirms K-Sea

Moody's Investors Service said it affirmed its debt ratings of K-Sea Transportation Partners, LP, corporate family of B1 and speculative-grade liquidity of SGL-3.

Moody's said it also assigned a probability of default rating of B1 and a senior secured rating of B1 to the company's existing $200 million senior secured revolving credit facility due 2014.

The outlook is stable.

According to the agency, the B1 corporate family rating reflects K-Sea's leading position in its market sector and predictability of revenue from high contract coverage of a tenured, large oil company customer base and K-Sea's track record of stability of operations in its niche tug/barge shipping segment support the ratings as do the protective features of the U.S. Jones Act.

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