Hapag-Lloyd in the mood
The US rating agency Moody’s has upgraded Hapag-Lloyd’s corporate family rating (CFR) to B1 from B2 and its senior unsecured bond rating to B3 from Caa1. The outlook remains stable.
The improved rating acknowledges Hapag-Lloyd’s progress in integrating UASC while reducing leverage and generating positive free cash flow on the back of tight cost management and increased efficiencies.
The rating upgrade also reflects the carrier's ability to achieve its expected synergies resulting from the UASC integration. They helped to partially offset higher fuel costs.
Furthermore, Hapag-Lloyd’s fleet helps to reduce operating expenses per teu despite rising fuel costs. Moody’s therefore expects a steady performance despite possible cost increases combined with a volatile freight rate environment. (kd)