Moody’s ups, rates Hapag Lloyd bond B1

Moody’s Investors Service said it raised Hapag-Lloyd AG’s corporate family rating to Ba2 from Ba3, its probability of default rating to Ba2-PD from Ba3-PD and the senior unsecured rating to B1 from B2. Concurrently, Moody’s rated its proposed €300 million senior unsecured bond B1. The outlook is stable.

“The upgrade to Ba2 with a stable outlook reflects Hapag-Lloyd’s debt prepayments of $2 billion during the second half of 2020 which was substantially larger than expected by Moody’s, also resulting in a material increase of the company’s unencumbered asset base, increasing it to 29% as of February 2021 from 9% in December 2019,” Moody’s said in a press release.

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