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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Ship Finance International (NYSE: SFL ) sank heavily today, down by as much as 16% after Moody's downgraded the company's debt rating.
So what: Moody's cut its rating on Ship Finance's paper from Ba3 to B1, even deeper into junk territory. The rating is also still on review, and an additional downgrade is even potentially on the table.
Now what: Ship Finance has exposure to Frontline (NYSE: FRO ) , which wreaked havoc on shares as early as last week. There are concerns that Frontline won't be able to avoid a restructuring, and those fears are rippling throughout the shipping industry to anyone remotely linked. It also doesn't help that Ship Finance's earnings last week also came in on the light side, giving investors little to be happy about.
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