S&P changes Hapag-Lloyd view

S&P said it revised the outlook on Hapag-Lloyd AG to stable from negative and affirmed the B+ long-term corporate credit rating.

At the same time, the agency affirmed the B- issue rating on the company’s senior unsecured notes. The recovery rating remains 6, reflecting an expectation of negligible recovery of 0%-10% (rounded estimate: 0%) in the event of payment default.

S&P said the revision reflects an expectation that Hapag-Lloyd's improved EBITDA performance and gradual debt reduction will contribute to rating commensurate credit metrics and adequate liquidity in 2018.

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