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Moody's rates Pacific International Lines B1
Moody's Investors Service said it assigned a B1 corporate family rating to Pacific International Lines Pte. Ltd.
The outlook is stable.
The agency said Pacific International Lines' rating reflects its long track record of operating through various cycles in the liner industry; its competitive profile and strong niche market position in the fast-growing economies of China, the Middle East and Africa; its young and flexible fleet; and its prudent liquidity management and dynamic operating strategy.
At the same time, the company is exposed to the volatile liner markets and has suffered declining profitability under the current challenging conditions, Moody's added. At the end of 2009, the adjusted debt-to-EBITDA ratio was approximately 13 times.
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