Moody’s shifts U.S. Shipping view to negative

Moody’s Investors Service said it confirmed the ratings of U.S. Shipping Corp., including the B3 rating on the senior secured first-lien debt, and changed the outlook to negative from under review.

This concludes the review for downgrade started on April 1, Moody’s said.

“The negative outlook reflects weak liquidity with high refinancing risk, the company’s high debt leverage and Moody’s expectation of earnings headwinds from pressured end-markets in a recessionary and uncertain environment that is likely to remain for some time,” the agency said in a press release.

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