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S&P cuts U.S. Shipping to CCC
Standard & Poor's said it lowered the corporate credit rating on U.S. Shipping Partners LP to CCC from B- and lowered the senior secured debt to CCC from B and revised the recovery rating to 3 from 2.
The agency also lowered the senior secured notes to CC with recovery rating unchanged at 6. Ratings remain on CreditWatch, where they were placed on May 14, but the CreditWatch status is revised to developing from negative.
S&P said the downgrade reflects the probability of a financial covenant breach by the end of the third quarter, tightly constrained liquidity and the company's deteriorating financial profile.
The agency said U.S. Shipping's financial performance has deteriorated over the past year with a debt-to-EBITDA ratio growing to 8.5 times from 7.3 times in the prior period.
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