News / Hapag-Lloyd and CMA CGM credit ratings upgraded ahead of 'bumper' Q3

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Standard & Poor’s (S&P) have upgraded their credit ratings for ocean carriers Hapag-Lloyd and CMA CGM ahead of expected bumper third-quarter earnings for the container line sector.

Hapag-Lloyd’s rating is up by one notch, from ‘B+’ to ‘BB-’, with a ‘positive’ outlook, the highest rating assigned to the carrier since 2010.

S&P said it expected Hapag-Lloyd to continue its solid performance, with a strengthened cash flow and reduced debt, resulting in “stronger-than-expected credit metrics”.

Hapag-Lloyd chief financial officer Mark Frese said: “We are ...