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Far-Eastern Shipping Company Plc. Downgraded

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On May 4, 2016, S&P Global Ratings lowered its long-term corporate credit rating on Far-Eastern Shipping Company Plc. (FESCO) to CC from B- and its senior secured notes rating to C from B-. According to S&P Global, the downgrade reflects their view of FESCO as currently highly vulnerable to nonpayment of its debt obligations. As a result of its eroding liquidity position, FESCO announced that it has hired external advisors to review its capital structure.

On May 5, 2016, Fitch Ratings downgraded Far-Eastern Shipping Company Plc.’s (FESCO) Issuer Default Rating to C from CC. According to Fitch, the downgrade indicates that default is imminent, following the Company’s announcement that it will not pay the Eurobond coupon payments due on May 4, 2016 in respect to its two Eurobonds maturing in 2018 and 2020, thus entering a grace period of 30 days. Read more on distressed companies.

The post Far-Eastern Shipping Company Plc. Downgraded appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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