First Ship Lease Trust's S&P ratings lowered

STANDARD & Poor's (S&P) Ratings Services yesterday lowered the long-term corporate credit rating of First Ship Lease Trust (FSL) to "B-" from "B".

S&P also lowered the long-term Asean regional scale rating on the Singapore-based ship leasing trust to "axB-" from "axB+". The ratings remain on CreditWatch with negative implications.

"We lowered our ratings to reflect FSL's increasing liquidity pressure resulting from its covenant breach," said S&P.