S&P rates International Seaways loans BB-

S&P said it affirmed the B corporate credit rating on International Seaways Inc.

The outlook is stable.

The agency said it assigned a BB- rating and 1 recovery ratings to the proposed $50 million super-priority senior secured revolver and $550 million senior secured first-lien term loan issued by OIN Delaware LLC and International Seaways Operating Corp.

The 1 recovery ratings indicate 90% to 100% expected default recovery.

S&P also said it plans to withdraw the ratings on International Seaway's existing rated debt after it is repaid.

The ratings also reflect a belief that, although the company is operating in a challenging international shipping market, the refinancing transaction will not increase leverage significantly and a forecast credit metrics remain appropriate for the rating, the agency said.

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