Fitch upgrades SGLT

Fitch Ratings said it upgraded SGLT Holding I LP's long-term issuer default rating to B from B- and SGL TransGroup International A/S' senior secured ratings to B+/RR3 from B-/RR4.

“SGLT posted record financial results in 4Q21, driven by strong organic increase of activities for air and ocean in the Nordics, North America and APAC as well as strong freight rates. It substantially outperformed our conservative projections that had reflected the inherent execution risks arising from its aggressive growth strategy,” Fitch said in a press release.

“The upgrade reflects a strengthening of SGLT's business and financial profiles, with funds from operations (FFO) gross leverage below 6.5x - which was our previous positive rating sensitivity - supported by strong freight rates and organic growth as well as through acquisitions,” the agency said.

The outlook is stable.

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