S&P places Overseas Shipholding on negative watch

Standard & Poor's said it placed the B long-term corporate credit rating and all of its issue-level ratings on Overseas Shipholding Group Inc. on CreditWatch with negative implications.

The CreditWatch placement reflects concerns about the deterioration of the company's financial profile resulting from prolonged revenue and earnings erosion and a significant debt burden, S&P said.

The agency said it will assess the company's revenue and earnings prospects and any potential changes in financial policies that could affect the company's financial profile.

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