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Rating Action:

Moody's assigns Caa1 to new senior unsecured notes of International Seaways, affirms B3 CFR; outlook negative

23 May 2018

$650 million of rated debt instruments

New York, May 23, 2018 -- Moody's Investors Service, ("Moody's") assigned a Caa1 rating to International Seaways, Inc.'s ("INSW") proposed senior unsecured notes due 2023. Concurrently, Moody's affirmed the company's B3 Corporate Family Rating ("CFR") 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 ratings outlook remains negative.

RATING RATIONALE

The affirmation of the B3 rating reflects Moody's expectation of constrained credit metrics for some time amid persistent freight rate pressures. The company's debt-to-EBITDA is high for its operating profile following debt-funded fleet acquisitions, and is likely to remain above 7x (after Moody's standard adjustments) absent a meaningful recovery in the pricing environment, which seems unlikely in the near term. Given these factors, the rating does not anticipate further (debt) leveraging actions following the company's planned acquisition of six very large crude carriers for $434 million, including the assumption of about $305 million in debt, expected to close during the second quarter of 2018. The rating is constrained by the company's relatively small size, highly cyclical markets and vulnerability to freight rate volatility as its vessels trade primarily in the spot market. The adequate liquidity profile and company's position as a leading player in its transportation markets are positive rating considerations.

The negative outlook reflects the likelihood that soft freight rate conditions will continue to weigh on earnings and cash flow over the next year, amid tanker oversupply, balanced against expectations of at least adequate liquidity as denoted by the SGL-3 rating. This is based on cash balances of over $100 million (expected following close of the transaction), an undrawn $50 million revolver and expectations of modestly positive free cash flow generation with moderating capex spend.

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

The ratings could be downgraded with a material deterioration in the liquidity profile or if business conditions remain subdued and lead to weaker than expected credit metrics, including FFO + Interest to Interest sustained at 2x or lower or a lack of progress with reducing debt-to-EBITDA towards 6x. Additional debt financed acquisitions or shareholder-friendly initiatives could also drive downwards rating pressure.

Upward ratings momentum could occur if INSW deploys its cash in a manner that would limit potential increases in debt, such as for fleet investments rather than shareholder returns. Improving market conditions that drive sustained growth in revenues and earnings with a financial profile that results in sustained FFO + Interest to Interest above 3x, stronger liquidity and a capital structure that is supportive of higher ratings could lead to an upgrade.

Moody's took the following actions:

Assignments:

Issuer: International Seaways, Inc.

.Senior unsecured notes due 2023, at Caa1

Affirmations:

Issuer: International Seaways, Inc.

.... Corporate Family Rating, at B3

.... Speculative Grade Liquidity Rating, at SGL-3

Issuer: International Seaways Operating Corporation

....Senior Secured First Lien Term Loan due 2022, at B3

....Senior Secured First Lien Revolving Credit Facility due 2021, at Ba3

Withdrawals:

..Issuer: International Seaways, Inc.

.... Probability of Default Rating, Withdrawn , previously rated B3-PD

The ratings outlook is negative.

The principal methodology used in these ratings was Shipping Industry published in December 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

International Seaways, Inc., a Marshall Islands corporation, is a leading provider of ocean-based transportation of crude oil and refined petroleum in the international market. It operates its business under two segments: international crude tankers and international product carriers. The company will have a fleet of 55 vessels of varying classes (pro forma), including ownership interests in 4 LNG carriers and 2 FSO vessels through joint partnerships. Total revenues were approximately $253 million as of the last twelve months ended March 31, 2018.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Yvonne Njogu
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Robert Jankowitz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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​

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