S&P cuts A.P. Moller – Maersk

S&P said it lowered its long-term counterparty credit rating on A.P. Moller - Maersk A/S to BBB from BBB+. The outlook is negative.

S&P also lowered the issue ratings on Maersk's senior unsecured debt to BBB from BBB+.

“Today's rating actions reflect our expectations that Maersk's operating performance will remain constrained over 2016-2017 because of significant market difficulties and industry pressures. We also take into account the risk that the ongoing strategic re-focusing of the group may lead to reduced diversification benefits over time,” S&P said in a news release.

“At this stage, we don't rule out that these factors, either combined or on a stand-alone basis, could lead to a further downgrade to BBB-, depending on the group's measures to counter the aforementioned risks,” the agency added.

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