S&P affirms First Ship

Standard & Poor's said it affirmed its BB- long-term corporate credit rating on First Ship Lease Trust and removed it from Creditwatch, where it was placed with negative implications on June 8.

The outlook is stable.

The agency said that the rating affirmation and outlook reflect the resilience of First Ship's credit protection measures despite Groda Shipping & Transportation Ltd. reneging on two long-term vessel leases; lower debt than expected due to the cancellation of a planned bond issuance; and the low likelihood of First Ship's remaining customers breaking their fixed-rate contracts due to corporate guarantees on their leases with the company.

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