S&P reviews Overseas Shipholding

S&P said it placed all of its ratings on Overseas Shipholding Group Inc. and its principal subsidiaries on CreditWatch with positive implications.

"The CreditWatch placement follows OSG's filing of an SEC Form 10, which contains information about the company's pending spin-off of its international subsidiary," S&P credit analyst Michael Durand said in a news release.

"The placement also reflects our preliminary expectations for OSG's post-separation capital structure, operating performance, and financial policy."

Specifically, the agency said the CreditWatch positive listing indicates that there is a one-in-two likelihood that it will raise its corporate credit rating on the company following the completion of the spin-off transaction.

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