Moody's gives U.S. Shipping loan B3

Moody's Investors Service said it assigned new ratings to U.S. Shipping Corp.: corporate family rating of Caa1; probability of default rating of Caa1-PD; and first-lien senior secured rating of B3 to the $220 million term loan B due in 2018 that the company plans to arrange as part of a refinancing of its capital structure.

The outlook is stable.

Moody's had previously rated the predecessor company of U.S. Shipping Corp. (U.S. Shipping Partners, LP) until that company filed for bankruptcy in April 2009.

The company has arranged a $50 million second-lien term loan (unrated) to help fund the repayment of the approximately $260 million of emergence debt that remains outstanding.

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