Moody's Upgrades Credit Rating of U.S. Shipping Corp

Moody’s upgraded its rating assigned to U.S. Shipping Corp (USSC). USSC’s Corporate Family rating was raised to ‘B2’, the Probability of Default rating improved to ‘B2’ and the existing first lien senior secured loan rating remained unchanged at ‘B2’. The outlook remains stable.

Standard and Poor’s upgraded USSC’s Corporate Credit rating to ‘B’ and the existing first lien senior secured
loan was upgraded to ‘B+’. The Recovery rating is ‘2’ and the outlook is stable.

The agencies cited the company’s strengthened financial position, improved credit metrics and improvements in operating performance as reasons for the upgrade. The agencies also took into consideration an upcoming debt refinancing which is anticipated to lower the overall borrowing rate.

“The continued improvement in the creditworthiness of our company is the result of the U.S. Shipping team’s ongoing commitment and dedication to safety and financial responsibility,” said Albert Bergeron, Chief Financial Officer of U.S. Shipping Corp.

USSC President and CEO, Michael Ryan commented, “The improvements achieved by all of our personnel in operational performance and business portfolio development continue to be recognized and rewarded by the credit rating agencies and by our customers. We are proud of our leadership position, especially in the category of safety. ”

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.