Moody's moves Maersk view to positive

Moody's Investors Service said it changed the outlook to positive from stable and affirmed the Baa2 long-term issuer rating of A.P. Moller-Maersk A/S. Concurrently, the agency affirmed the Baa2 senior unsecured instrument rating of its notes and the (P)Baa2 rating of the senior unsecured euro medium-term notes program both issued by the company.

"Maersk has continued to strengthen its operating performance over the previous quarters amid the favorable market environment for container shipping, efficiency improvements, and a further vertical integration into logistic assets," said Daniel Harlid, Moody’s lead analyst for Maersk, in a press release.

"Positive cash flow generation in conjunction with conservative shareholder remuneration has also enabled the company to significantly deleverage to a negative net debt position of $3.4 billion as of June 2022. While we expect the market conditions for container shipping to become more challenging going forward, a continued robust operating performance of Maersk combined with a balanced financial policy could support further positive rating pressure over the next quarters," Harlid said.

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