Moody’s rates International Seaways notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to International Seaways, Inc.'s proposed senior unsecured notes due 2023.

Concurrently, the agency affirmed the company's B3 corporate family rating and the ratings of the senior secured bank credit facilities it guarantees, including the revolving credit facility due 2021 at Ba3 and the first-lien term loan due 2022 at B3.

Moody's also affirmed the SGL-3 speculative grade liquidity rating and withdrew the B3-PD probability of default rating.

The outlook remains negative.

Moody’s said the Caa1 rating on the proposed notes reflects its expectation of recovery in the company's liability structure and relative position of this debt in the priority of claim, in a default scenario.

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