The agency changed its outlook to “negative” from “stable”but affirmed the Greek owner’s “B2” probability of default grade in addition to ratings tied to senior securednotes due in 2017 and senior unsecured notes maturing in 2019, which stood at “B1” and “Caa1” respectively.
"Today's rating action reflects our viewthat freight rates will remain weak in 2013,” said credit Marco Vetulli inreference to the downgrade of the CFR, which represents the agency’s opinion about a company's ability to honour all of its financial obligations.
While
