Moody's rates Ship Finance notes B1

Moody's Investors Service said it assigned a provisional B1 rating to the proposed $400 million of senior unsecured notes due in 2020 to be issued by Ship Finance International.

The corporate family rating is Ba3.

The outlook is stable.

Proceeds will be used to repay outstanding amounts under the company's $296.1 million of unsecured bonds due in 2013 and bank loans of about $82 million. Proceeds also will be used to increase cash reserves.

The Ba3 corporate family rating compounds the benefit derived from the company's main source of revenues represented by long-term, time-charter and bareboat charter contracts, according to the agency.

© 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.