Moody’s Investors Service on Friday lowered its ratings outlook for Seacor Holdings Inc. to “Negative” from “Stable,” saying that the company’s earnings recovery has been slower than expected this year.
The ratings service also backed its “Ba1” corporate family and “Ba1” senior notes ratings for the offshore oil and gas services company.
Moody’s said Seacor’s continued weak profits and higher debt levels have kept its credit profile from improving. In addition Seacor has consumed a significant amount of cash, reducing the cushion it would have if it ran into financial trouble, Moody’s said.
Shares of Fort Lauderdale, Fla.-based Seacor rose 16 cents to $89.60 in afternoon trading.