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Moody's lifts Global Ship Lease
Moody's Investors Service said it upgraded Global Ship Lease, Inc.’s corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD. Concurrently, Moody's changed the outlook to stable from positive.
“The rating action reflects Moody's expectations of continued strong metrics, including Moody's-adjusted debt/EBITDA expected around 2x for 2023 and 2024. Despite the currently weaker charter environment, well below 2021 and 2022 peak, the company has significant revenue visibility with virtually all vessels chartered throughout 2023 and around 80% of charter days fixed for 2024,” the agency said in a press release.
The revised outlook indicates the position that Global Ship Lease’s credit metrics should stay in line with a Ba3 rating, Moody’s said.
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