Fitch sees rating Seaspan notes BB

Fitch Ratings said it assigned an expected BB rating to Seaspan Corp.'s planned sale of senior unsecured notes.

“The expected rating is equalized with the ratings assigned Seaspan's outstanding senior unsecured notes as the new notes will rank equally in right of payment with all of the company's existing and future senior unsecured indebtedness. The rating on Seaspan's unsecured notes is equalized with the company's long-term IDR, reflecting average recovery prospects in a stressed scenario based on the coverage from the pool of unencumbered vessels,” Fitch said in a press release.

The outlook is stable.

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