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Fitch downgrades Seacor
Fitch Ratings said it downgraded Seacor Holdings Inc.’s long-term issuer default rating to B from B+.
The outlook is stable.
The downgrade reflects increases in both consolidated and stand-alone leverage metrics above previous negative sensitivity levels, Fitch said.
This was driven by the $175 million issuance of non-recourse debt at Seacor Marine Holdings, Inc., a wholly-owned subsidiary, the agency said.
Fitch said it projects the company’s leverage profile to remain at more than 6x for the next few years.
The ratings reflect the company’s asset quality and favorable fleet-renewal strategy, size and diversity of vessel operations, which support offshore drilling and transportation of commodities, the agency said.
These positives are offset by the continued softening offshore support-vessel market environment, Fitch said.
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