SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): March 19, 2010
OVERSEAS
SHIPHOLDING GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
|
1-6479-1
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13-2637623
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(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
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666
Third Avenue, New York, New
York 10017
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(Address
of Principal Executive Offices) (Zip
Code)
|
Registrant’s
Telephone Number, Including Area Code: (212)
953-4100
(Former Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
|
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01. Other Events.
On March
19, 2010, Moody's Investors Service (“Moody’s”) issued a press release
announcing that it affirmed the Ba2 Corporate Family and Ba2 Probability of
Default ratings of Overseas Shipholding Group, Inc. (the
“Company”). In addition, Moody’s downgraded the rating for the
Company’s senior unsecured debt to Ba3 from Ba2 and changed the ratings outlook
to negative. Moody’s also assigned an SGL-2 Speculative Grade
Liquidity Rating, reflecting the Company’s good liquidity
profile. Moody’s stated that its downgrade of the senior unsecured
rating results from Moody's application of its Loss Given Default Rating
Methodology and is a consequence of a shift in the composition of the Company's
debt capital, to one with a higher proportion of senior secured
debt.
Item
9.01. Financial Statements and Exhibits
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(d)
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Exhibits
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None.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
OVERSEAS
SHIPHOLDING GROUP, INC.
(Registrant)
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|||
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By:
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/s/James I. Edelson | |
Name: |
James
I. Edelson
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Title: |
General
Counsel and Secretary
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Date: March
19, 2010