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S&P acts on European container liners
S&P said it took various actions on European container shipping lines, citing the effect of the coronavirus on their businesses.
“The economic impact of the Covid-19 pandemic will likely be more severe than we previously anticipated. We have again lowered our macroeconomic forecasts. We now expect global GDP to fall 2.4% in 2020, with the U.S. and eurozone contracting by 5.2% and 7.3% respectively,” S&P said in a press release.
“We are revising our outlook on A.P. Moller - Maersk A/S to negative from stable and affirming our BBB long-term rating on the company and its senior unsecured debt,” S&P said.
The agency said it also revised to stable from positive the outlook on Hapag-Lloyd AG, while affirming its B+ long-term rating on the company and the B- rating on its senior unsecured debt.
“In addition, we are affirming our B+ long-term ratings on CMA CGM SA and its core entity CEVA Logistics AG (and related entities), as well as our B- rating on the unsecured debt issued by CMA CGM and our B+ issue rating on the secured debt issued by CEVA Logistics Finance BV. The outlooks on all entities remain negative,” said S&P.
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