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Moody's cuts Overseas
Moody's Investors Service said it lowered its ratings on Overseas Shipholding Group, Inc.
The agency lowered the corporate family and probability of default ratings to Caa1 from B3. It also lowered the senior unsecured rating to Caa2 from Caa1, the issuer rating to Caa2 from Caa1 and senior unsecured shelf rating to (P)Caa2 from (P)Caa1.
Moody's also affirmed the SGL-4 speculative grade liquidity rating. The outlook remains negative.
The agency said the downgrade of the ratings reflects potential liquidity pressure as the step-down of the $1.5 billion senior unsecured revolving credit on February 8, 2013 approaches.
Moody's said it believes that the company faces a cash deficit of between $200 million and $250 million through December 31, 2013 due to ongoing weak fundamentals that prevent the generation of free cash flow.
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