Moody’s boosts Hanjin

Moody's Investors Service said it upgraded Hanjin International Corp.'s corporate family rating to Ba3 from B1 and to Ba1 from Ba2 the backed senior secured rating on HIC's term loan due September 2025, which is guaranteed by HIC's parent, Korean Air Lines Co., Ltd.

"The rating upgrade is driven by the guarantor and parent KAL's robust operating performance and the enduring improvement in its capital structure and liquidity position," said Sean Hwang, a Moody's vice president and senior analyst, in a press release.

The agency noted that HIC's Ba1 secured term loan is still two notches higher than the company's CFR, reflecting the first lien on most of HIC's assets, including mainly the Wilshire Grand Center, which substantially enhances recovery prospects for its term loan creditors.

Moody's said the outlook remains positive.

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