S&P rates International Seaways B

S&P said it assigned a B corporate credit rating to International Seaways Inc.

The agency also said it affirmed the BB- ratings on the company's revolver and secured term loan, both of which mature in 2019.

The 1 recovery ratings is unchanged, indicating 90% to 100% expected default recovery.

The outlook is stable.

The ratings reflect the company's exposure to the volatile and competitive international tanker market and the weakening economic conditions in this industry, S&P said.

The ratings also consider the company's decreased business diversity and smaller size following its spin-off from Overseas Shipholding Group Inc., the agency said.

These issues are somewhat offset by International Seaways' solid market position in the international tanker industry, long-tenured management team and the company's participation in commercial pools, which increase its vessel utilization, S&P said.

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