The rating agency Moody’s has upgraded Hapag-Lloyd’s credit rating by one notch due to better-than-expected corporate performance.
The rating agency Moody’s honours the financial policy and strong liquidity of the Hamburg-based liner shipping company Hapag-Lloyd and upgrades its credit rating by one notch from “Ba2” to “Ba1”. This is the highest classification since the rating was introduced in 2010, the shipping company has now announced.
In addition, the rating for senior unsecured bonds has been raised by two notches from ‘Ba3’ to ‘Ba1’. The ratings have also been assigned a stable outlook.
Highest rating for Hapag-Lloyd since 2010
With the improved ratings, Moody’s acknowledged Hapag-Lloyd’s good corporate development in a challenging geopolitical environment. The company’s balance sheet management and strong liquidity position were also positively highlighted. The upgrade of the bond rating by two notches was primarily due to the high proportion of unencumbered assets, it added.
“As part of our Strategy 2030, we will continue to work intensively on improving our competitive and cost position,” says Mark Frese, CFO of Hapag-Lloyd.
The Hamburg-based company recently presented its nine-month figures. Although the key figures were down on the previous year, the results were far better than expected. A profit of US$3.6bn was reported – compared to US$4.5bn after the same period in 2023. However, there was a significant upturn in the third quarter compared to the first half of the year.
The Executive Board has raised its forecast for the full financial year. Group EBITDA is now expected to be in the range of US$4.6 to 5.0bn and Group EBIT in the range of US$2.4 to 2.8bn.
