Fitch rates Seaspan, notes BB

Fitch Ratings said it assigned BB ratings to Seaspan Corp. and its senior unsecured notes.

“Seaspan's ratings reflect its scale and franchise as a leading containership lessor, enhanced funding flexibility following recent unsecured debt issuances, which increased the level of unencumbered assets, low leverage and solid liquidity. Seaspan's ratings are also supported by a strong operating platform, which includes ownership of a young fleet on long-term charters, consistent operating cash flow generation, solid profitability, and an experienced leadership team,” Fitch said in a press release.

The company’s ratings are mostly constrained by its significant customer concentration, a high proportion of secured funding, high dividend payout ratio and the specialized nature and relative illiquidity of containerships when compared with other large equipment lessors, the agency said.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.