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S&P lowers U.S. Shipping
S&P said it downgraded U.S. Shipping Corp. to CCC+ from B- and its $10 million revolving credit facility and first-lien term loan to B-.
“The downgrade reflects the company's high debt leverage and refinancing risk related to its upcoming term loan maturity in June 2021. We believe the company's liquidity position has weakened since our last review, driven by the approaching maturity of its first-lien term loan in June of 2021, somewhat offset by cash balances of roughly $51 million, as of Dec. 31, 2019,” said S&P in a press release.
The outlook is negative.
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