S&P affirms Overseas Shipholding

Standard & Poor's said it affirmed its ratings on Overseas Shipholding Group Inc., including the BB+ corporate credit rating.

The affirmation follows the company's announcement that it will acquire Maritrans Inc., the agency said, noting that the transaction cost will be $450 million and the company is expected to fund a majority with cash on hand.

S&P said that the ratings on Overseas Shipholding reflect the company's participation in the volatile, highly fragmented, capital-intensive bulk ocean shipping industry and active fleet growth, adding that positive rating factors include the company's position as a leading operator of tankers and good liquidity.

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