S&P Lowers Pegasus Rating

October 27, 1999

Standard & Poor's lowered its corporate credit rating on Pegasus Shipping (Hellas) Ltd. (Pegasus) to triple-'C'-minus from single-'B'-minus. At the same time, Standard & Poor's lowered its foreign currency senior secured debt rating to triple-'C'-minus from single-'B'-minus. All ratings are placed on CreditWatch with negative implications. The rating actions reflect Pegasus' rapidly diminishing financial flexibility owing to weak market conditions. Pegasus owns one of the world's largest independent Panamax tanker fleets. The Panamax tanker sector is currently experiencing weak market conditions, and the market is expected to remain weak in the short term.

S&P Lowers Pegasus Rating

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