S&P cuts Overseas Shipholding

Standard & Poor's said it lowered its ratings on Overseas Shipholding Group Inc., including the long-term corporate credit rating, to B- from B.

At the same time, the agency said it removed all ratings from CreditWatch, where they had been placed with negative implications on Nov. 9. The outlook is negative.

"The downgrade reflects a steep deterioration in Overseas Shipholding Group's financial profile and our expectation that credit measures will remain weak, over at least the next two years," said S&P credit analyst Funmi Afonja in a news release.

"Our action also highlights our concern that earnings pressures and a smaller revolver commitment could constrain OSG's liquidity," she said.

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