Fitch revises Global Ports to stable

Fitch Ratings said it revised Global Ports Investments plc's outlook to stable from negative, while affirming the group's long-term foreign and local currency issuer default ratings at BB.

The agency affirmed Global Ports Finance plc's $700 million senior secured notes at BB and RUB 15 billion senior notes issued by JSC First Container Terminal at BB.

The agency said the revision of the outlook reflects the resolution of the litigation process with the Russian Federal Antimonopoly Service in Global Ports Investments’ favor and better-than-expected containerized volumes in 2017 and the first half of 2018, which led to leverage outperforming Fitch’s base case.

“GPI's consolidated profile benefits from the group's dominant position in the container market, albeit with potentially increasing competition, limited expansion requirements, and a mostly bullet maturity with covenants currently restricting dividends distributions,” Fitch said in a news release.

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