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S&P cuts Overseas Shipholding
Standard & Poor's said it lowered the long-term corporate credit rating on Overseas Shipholding Group Inc. to D from CCC-.
The agency also said it lowered the company's senior unsecured debt to D from CCC-. The 3 recovery rating remains unchanged, indicating 50% to 70% expected recovery in a default.
The ratings were removed from CreditWatch, where they were placed with negative implications in October.
The downgrades follow news that the company filed Chapter 11 bankruptcy protection, S&P said.
The recovery ratings remain at 3, but do not take into account any potential tax liabilities that the company may have, the agency said.
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