Dueling Agencies

Pegasus Shipping has the notable distinction of seeing its senior debt upgraded and downgraded on the same day by Moody’s and S&P respectively. For a company with ambitious long term goals, the Moody’s upgrade must be considered a fair response to current specific corporate activities as related to its Bonds, while the S&P downgrade may simply reflect the need for additional “investor relations” or be taken as that agency’s belief that the preferred stock is more debt than equity.

Moody’s lifted the senior debt of Pegasus to B3, while S&P lowered the rating to single B- with a stable outlook.

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