Moody's Investors Upgrade U.S. Shipping Corp
Moody’s upgraded its rating assigned to U.S. Shipping Corp (USSC). USSC’s Corporate Family Rating was raised to B3, the Probability of Default Rating improved to B3 and the first lien senior secured loan rating increased to B2, 39‐LGD3. The outlook remains stable.
In its rating upgrade, Moody’s referenced USSC’s steady operating performance through 2013, noting that it maintained a high utilization of its vessels and generated modest positive free cash flow.
“We are very pleased with this upgrade as it demonstrates USSC’s commitment to improving the financial strength of the company,” said Albert Bergeron, Chief Financial Officer of U.S. Shipping Corp.
USSC President and CEO, Michael Ryan commented, “The safe and prudent managementof our assets and our business portfolio has been recognized by Moody’s. We will continue our commitment to improving our balance sheet while maintaining our focus on providing safe and reliable transportation services for our customers.”
U.S. Shipping Corp is a leading provider of long‐haul marine transportation services principally for refined petroleum, crude oil, petrochemical and commodity chemical products in the U.S. domestic coastwise trade. The company is based in Edison, New Jersey and maintains a fleet of seven Jones Act vessels.
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