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Moody's lowers Teekay
Moody's Investors Service said it downgraded its debt ratings of Teekay Corp.: corporate family to Ba3 from Ba2, senior unsecured to B1 from Ba3.
Moody's said it affirmed the speculative-grade liquidity rating of SGL-2.
The outlook is stable.
"The downgrades reflect Moody's belief that continuing high debt levels in 2009 are likely to leave credit metrics exposed to weaker earnings as tanker demand and freight rates decline from their recent peak levels," said Moody's analyst Jonathan Root.
"Moody's expects earnings from the vessels trading spot to be pressured as 2009 unfolds because of the broader implications of the recently-announced OPEC production cuts and sustained weak demand as the global economic malaise persists," continued Root.
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