S&P puts Overseas on watch

Standard & Poor's said it placed Overseas Shipholding Group Inc.'s BB+ corporate credit rating on CreditWatch with negative implications.

The watch reflects the company's increasing debt leverage and weakening credit measures because of acquisitions, share buybacks and reduced earnings, the agency said.

The company's net debt-to-EBITDA ratio is about 5 times, compared with 3 times for the 12 months ended Sept. 30.

Overseas' credit profile continues to benefit from ongoing diversification into less volatile businesses and from a growing proportion of committed revenue from time charters, the agency said.

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