Moody’s cuts A.P. Moller-Maersk, debt

Moody's Investors Service said it downgraded A.P. Moller-Maersk A/S’ issuer rating and senior unsecured rating to Baa2 from Baa1 and its medium-term note program rating to provisional Baa2 from provisional Baa1.

All ratings were placed on negative outlook. This concludes the review of Maersk's ratings initiated in September.

"The downgrade reflects our expectation of reduced diversification following the results of the strategic review, as well as the deterioration in Maersk's credit profile amidst weak market conditions particularly in container shipping and drilling, which we do not anticipate to be reversed shortly," Maria Maslovsky, Moody's vice president, senior analyst and the lead analyst for Maersk, said in a news release.

"In addition, significant uncertainties associated with the execution of the strategy of separating the energy businesses, especially the final capital structure of the transportation and logistics business, are encapsulated in the negative outlook."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.