Moody’s lifts Global Ports

Moody’s Investors Service said it upgraded the corporate family rating to Ba2 from Ba3 and the probability of default rating to Ba2-PD from Ba3-PD of Global Ports Investments plc.

Moody’s also upgraded to Ba2 from Ba3 the ratings of the senior unsecured notes sold by the company’s 100%-owned subsidiary Global Ports (Finance) plc.

“The rating action reflects the ongoing strengthening of GPI’s financial profile, which is underpinned by the company's proven commitment to deleverage with the targeted long-term reported net debt/EBITDA in the range of 1.5x-2.0x,” said Moody’s in a press release.

The outlook on the company and Global Ports (Finance) is stable.

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