Moody’s gives Global Ports notes Ba3

Moody's Investors Service said it assigned a Ba3 rating with a loss given default assessment of LGD4 to the proposed $350 million seven-year notes maturing in 2023 to be issued by Global Ports (Finance) plc, a wholly owned subsidiary of Global Ports Investments plc (GPI), incorporated as a limited liability company under the laws of Cyprus.

The Ba3 rating of the notes is based on an irrevocable and unconditional guarantee from GPI and key operating subsidiaries of GPI and is in line with GPI's corporate family rating of Ba3.

The outlook is negative.

Global Ports (Finance) will issue the notes with the sole purpose of lending the proceeds to other GPI subsidiaries to be used by them to repay existing debt.

Moody’s said the Ba3 rating of the notes, at the same level as GPI's corporate family rating, reflects the position of noteholders in the GPI group's capital structure. The agency forecasts that after the refinancing of existing debt, the share of secured debt will be modest and no more than 15% of the total.

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