Moody's affirms Ship Finance

Moody's Investors Service said it affirmed Ship Finance International Ltd.'s Ba3 corporate family rating, Ba2 senior secured bank credit facilities and B1 senior unsecured notes.

The outlook remains stable.

The agency said the ratings reflect the strong contractual links between Ship Finance and Frontline Ltd., Frontline's market leadership and expertise in the tanker industry, which helps support the structure of Ship Finance and mitigate its very short track record of operations, and Ship Finance's remoteness from the industry's innate cyclicality.

The ratings also reflect the company's limited participation potential in any market upswings that could be used to improve its credit metrics and Ship Finance's weak intrinsic credit metrics, which restrict its funding flexibility, Moody's said.

© 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.