Moody's lifts Global Ship Lease

Moody's Investors Service said it upgraded the corporate family rating of Global Ship Lease, Inc. (to B1 from B2, and its probability of default rating B1-PD from B2-PD. The agency changed the outlook to stable from positive.

“The rating action reflects the company's increased scale after a number of vessel purchases in the first half of 2021 and improving credit metrics. It also reflects further refinancing actions resulting in an extended maturity profile, continued high revenue visibility given its long-term charters and the continued strong market environment in container shipping. Following the secondary offering of private equity shareholder Kelso, the company's free float also now exceeds 50%, although Kelso retains its board position and a reduced ownership,” Moody’s said in a press release.

The noted that as of March, company-adjusted EBITDA was largely contracted for 2021, at 96%, and at 70% for 2022.

The outlook indicates an expectation of continued deleveraging helped by underlying industry fundamentals and ongoing debt amortization, but also balanced by some potential for further debt-funded vessel acquisitions, Moody’s said.

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