Moody's rates Far Eastern Shipping

Moody's Investors Service said it has assigned a B3 probability of default rating for Far Eastern Shipping Co.

All of the company's ratings, including its B2 corporate family rating , remain on review for possible downgrade, the agency said.

"Today's rating action reflects Moody's Far Eastern's heightened probability of default because of the combined effects of the economic slowdown of the Russian economy on the company's operating performance, the refinancing risk the company faces with $200 million of debt maturities concentrated in H1 2009, and Moody's concerns regarding the compliance of financial covenants contained in some of the company's credit agreements," explained Marco Vetulli, a vice president-senior analyst in Moody's corporate finance group.

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