High Yield News

GLOBAL OCEAN’S CORPORATE CREDIT RATING was lowered to “B” from “B+” by S&P London, Standard & Poor’s CreditWire of 9/11/98 reports. At the same time, the foreign currency senior unsecured rating was lowered to single “B-” from single “B+”. The outlook is stable.

The downgrade reflects deterioration in the company’s financial profile and poor near-term prospects for the feeder container and dry-bulk shipping markets. Also, the lower rating on the senior unsecured notes reflects the fact that secured debt has increased more than expected.

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