Moody's cuts Ship Finance

Moody's Investors Service said it downgraded to B1 from Ba3 the corporate family rating and probability of default rating of Ship Finance International. Concurrently, Moody's said it downgraded Ship Finance's senior unsecured rating to B3 from B1.

In addition, Moody's has placed all the ratings on review for further downgrade.

"Today's action reflects Moody's concerns about the negative implications for Ship Finance's credit profile of the deterioration in the liquidity position of its counterparty Frontline," Moody's vice president/senior credit officer and lead analyst for SFL Marco Vetulli said in a news release.

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