Moody's upgrades CMA CGM

Moody's Investors Service said it upgraded the corporate family rating CMA CGM SA to Ba3 from B1 and its probability default rating to Ba3-PD from B1-PD. Concurrently, the company's senior unsecured rating was upgraded to B2 from B3.

"The upgrade to Ba3 was prompted by continued reduction in financial leverage, improved liquidity and increase in unencumbered assets, supported by more favorable industry conditions," said Daniel Harlid, Moody’s vice president, senior analyst and the lead analyst for CMA CGM, in a press release.

"While we expect freight rates to moderate in 2022, we expect that CMA CGM's improved operating performance and leverage metrics will be sustained supported by a more conservative financial policy," Harlid added.

The outlook remains positive.

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