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Moody's lowers U.S. Shipping
Moody's Investors Service said it downgraded U.S. Shipping Partners LP's corporate family and probability-of-default ratings to Caa3 from Caa1, senior secured rating to Caa2 from B3 and second-lien senior secured rating to Ca from Caa3.
The outlook is negative.
Moody's said it downgraded ratings because it believes that weak fundamentals currently affecting petroleum and chemical tanker operations are likely to continue into the second half of 2008.
The Caa3 rating reflects the increased probability of default since the previous rating action on Dec. 13 amid weakening market condition, the agency said.
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