Moody's cut its outlook for the credit ratings of Overseas Shipholding Group (OSG), citing declining tanker rates and uncertainty over the New York shipowner's plans to spin off its international-flag fleet as a separate business.
The credit ratings agency reduced its outlook to "stable" from "positive", but it affirmed OSG's "B2" rating.
Moody's said softening tanker rates across the Jones Act and international markets was behind the change in outlook, but the changing market environment should still stay within the metrics to keep a "single-B" credit rating.
