Moody’s changes Hapag-Lloyd to positive

Moody's Investors Service said it changed the outlook on Hapag-Lloyd AG’s B2 corporate family rating, B2-PD probability of default rating and Caa1 senior unsecured rating to positive from stable, and affirmed the ratings.

Moody’s said the change in outlook mainly reflects Hapag-Lloyd’s improved operating performance since the beginning of 2015, driven by the lower bunker fuel price. The outlook change also reflects structural improvements in the company’s cost structure following a recent acquisition and the implementation of cost optimization measures.

The change in outlook follows the announcement by Hapag-Lloyd of its intention to undertake an IPO and raise $500 million, which Moody's considers credit positive.

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