OSG Downgraded

In a brief note published on Tuesday, Michael Webber of Wells Fargo reported that S&P had downgraded its credit rating for OSG to B- from B with a negative outlook. S&P cites a continued weak earnings outlook, driven by a weak tanker market and the potential for constrained liquidity with OSG’s $900 million forward start facility replacing its existing $1.65 billion revolver in February 2013.

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