Moody's upgrades Danaos

Moody's Investors Service said it upgraded the corporate family rating of Danaos Corp. to B1 from B2 and its probability of default rating to B1-PD from B2-PD.

Concurrently, the senior unsecured rating was changed to B3 from Caa1.

The outlook remains positive.

“The rating action reflect the currently very strong market demand for container transport, where a capacity shortage to meet demand has pushed charter rates to unprecedented levels combined with an ongoing deleveraging of Danaos’ capital structure,” Moody’s said in a news release.

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