RATING agency Moody's has upgraded Hapag-Lloyd's corporate family rating (CFR) to
B1 from B2 and its senior unsecured bond rating to B3 from
Caa1. The outlook remains stable.
The improved rating acknowledges the
shipping line's progress in integrating United Arab Shipping Company Limited (UASC),
the carrier said in a release.
"The rating upgrade reflects
Hapag-Lloyd's ability to achieve the level of expected synergies resulting from
the UASC integration which helped to partially offset cost increases on the
back of higher fuel costs. Hapag-Lloyd has substantially reduced leverage since
the merger with UASC and is expected to continue its deleveraging path.
"Moody's also factors in an
adequate liquidity as well as a positive free cash flow generation since 2017
and Hapag-Lloyd's capabilities to remain cash generative going forward, which
will help to further reduce debt.
Source : HKSG.
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