Moody's may lower General Maritime

Moody's Investors Service said it placed the ratings (Ba3 senior implied) of General Maritime Corp. under review for possible downgrade following the announcement by the company of its proposed purchase of Soponata SA for about $415 million.

The acquisition price consists of $247 million to be used in the initial purchase of Soponata's existing five-vessel tanker fleet and $168 million for the rights to four Suezmax tankers to be delivered between 2006 and 2007. General Maritime plans to finance the acquisition through use of cash and, to the extent necessary, use of the company's available borrowings under its revolving credit facilities.

The affected ratings include the company's $250 million 10% senior unsecured notes due 2013, rated B1; senior implied rating of Ba3; and unsecured issuer rating of B1.

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