The agency reducedthe New York-quoted shipowner’s grade to “negative” from “stable” but affirmedits Ba1 corporate family and senior notes ratings in a move that impactedapproximately $410m worth of rated debt.
"The negative outlook reflects Seacor's slowerthan expected earnings recovery in 2012 which has hindered the anticipatedimprovement in its leverage metrics," Moody’s vice president Pete Speertold investors Friday.
The firm noted that the company’s second-quarter earningsbefore interest, taxes, depreciation and amortization (Ebitda) was “significantlylower” than the previous quarter as a result of a “large decline in the profitability”of its offshore marine services division.
“These
