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S&P drops General Maritime
Standard & Poor's Ratings said it lowered the long-term corporate rating on General Maritime Corp. to CCC+ from B, and placed the ratings on CreditWatch with negative implications.
The agency also said it lowered the ratings on the company's senior unsecured notes to CCC-, two notches below the new corporate credit rating with a recovery rating of 6, indicating 0% to 10% recovery in a default.
The downgrade reflects General Maritime's weak liquidity, limited financial covenant headroom and deterioration in its financial profile, S&P said.
The ratings also consider the company's stated intent to seek additional waivers from its lenders and potential sale leasebacks on its vessels, the agency said.
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