Fitch downgrades Seacor

Fitch Ratings said it downgraded Seacor Holdings Inc.’s long-term issuer default rating to B+ from BB-.

The outlook is stable.

The downgrade reflects the combined effects of the weak oil price environment and down-cycle in the offshore support vessel market, which have increased revenue and cash flow risk, Fitch said.

The ratings consider the company’s asset quality and favorable fleet-renewal strategy, the agency said, along with the size and diversity of vessel operations that support offshore drilling.

These positives are offset by the continued softening offshore support-vessel market environment and influence of a persistently weak commodity pricing environment, Fitch said.

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