S&P: Overseas Shipholding unchanged

Standard & Poor's said its rating and outlook on Overseas Shipholding Group Inc. (BB+/stable) are not affected by the company's announcement that its board of directors has authorized a $300 million share repurchase program.

This would represent 15% of the company's outstanding shares, the agency said, noting that Overseas Shipholding said it plans to use cash on hand for the repurchase program.

S&P said it expects the company to be prudent with its shareholder-friendly activities and to cut back on these activities during a slowdown or a downturn in vessel rates.

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