(Mike Wackett – The Loadstar)
Maersk has had its credit rating cut by ratings agency Moody’s to one grade above junk, with the agency concerned about a “significant downside” for the container industry.
Moody’s said on Friday it was downgrading Maersk from Baa2 to Baa3, which is at the bottom of its investment grade bond ratings, and just one notch above grades “judged to have speculative elements and a significant credit risk”.
Moody’s vice president, and senior analyst, Maria Maslovsky, added: “The downgrade reflects our expectation that Maersk will face increased market and execution risks and, as a result, operate at a higher leverage than is commensurate with a Baa2 rating for a company in such a volatile and cyclical business as container shipping.” Click here to read more.
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