Moody's rates Eletson, notes B3

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Eletson Holdings Inc.

Concurrently, the agency assigned a provisional B3 rating, with a loss given default assessment of LGD3 (47%), to Eletson's proposed issuance of $290 million of senior secured notes due in 2021.

The outlook is stable.

"The B3 rating balances Eletson's solid business profile in the ocean transportation of LPG and petroleum products and its long track record of profitability and operating efficiency, with the group's overleveraged capital structure ahead of a significant capital investment programme in a market that remain highly cyclical," Paolo Leschiutta, Moody's vice president, senior credit officer and lead analyst for Eletson, said in a news release.

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