Fitch ups Global Ports Investments

Fitch Ratings said it affirmed Global Ports Finance plc's $700 million senior secured notes (Eurobonds) at BB and upgraded Global Ports Investments plc's long-term foreign- and local-currency issuer default ratings and RUB 15 billion senior unsecured notes issued by First Container Terminal to BB from BB- with a negative outlook.

Fitch said Global Ports' consolidated profile benefits from its dominant position in the container market, albeit with potentially increasing competition, limited expansion requirements on the low capacity utilization rates, and a mostly bullet maturity debt structure with covenants currently restricting dividend distributions.

In 2016, Fitch lease-adjusted net debt/EBITDAR (leverage) was 4.5 times, in line with the rating case expectation. The agency’s rating case projects average 2018-2020 leverage at 4.8 times.

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