Moody’s: Overseas Shipholding view to positive

Moody's Investors Service said it confirmed Overseas Shipholding Group, Inc.’s corporate family rating of B2, probability of default rating of B2-PD, first-lien senior secured of B1 (LGD3), first-lien super priority senior secured of Ba2 (LGD1) and senior unsecured of Caa1 (LGD6).

The speculative grade liquidity rating was changed to SGL-2 from SGL-3.

The outlook was revised positive. This action resolves the review for upgrade initiated on June 16 when Moody's changed its approach for standard adjustments for operating leases.

Moody’s said the positive outlook reflects the potential for Overseas Shipholding to further strengthen credit metrics into 2016. Higher than expected operating cash flow from stronger market freight rates for international tankers in 2015 enhances the existing pool of cash of $646 million at the company's disposal at June 30.

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