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Moody's upgrades U.S. Shipping
Moody's Investors Service said it raised U.S. Shipping Corp.'s corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and first-lien senior secured rating to B2, 39-LGD3 from B3, 40, LGD3.
The outlook is stable.
Moody's said the upgrades follow the company' steady operating performance through 2013, maintaining high utilization of its seven US Jones Act qualified vessels and generating modest positive free cash flow generation.
The agency expects demand for the company's vessels to remain strong through at least 2015, facilitating modest expansion of margins and ongoing free cash flow that will be applied to debt reduction, leading to further strengthening of credit metrics within the single B rating category.
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