Moody's rates Hapag-Lloyd notes Caa1

Moody's Investors Service said it assigned a provisional Caa1 senior unsecured rating to Hapag-Lloyd AG's planned issue of senior unsecured notes maturing in 2018.

The outlook on the ratings is negative.

The agency said it understands that the proceeds of the new senior unsecured notes will be used for general corporate purposes including the refinancing of its outstanding debt.

Moody's said the provisional Caa1 rating assigned to the proposed issuance of the senior unsecured notes due September 2018 is two notches lower than Hapag-Lloyd's corporate family rating as it reflects not only their pari passu ranking with all other unsecured indebtedness issued by Hapag-Lloyd, but also their contractual subordination to secured debt existing within the group.

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