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Moody's rates Hapag-Lloyd notes B3
Moody's Investors Service said it assigned a provisional B1 corporate family and probability of default ratings to Albert Ballin Holding Gmbh & Co. KG, the holding company for Hapag-Lloyd Group, HL.
Moody's also said it assigned a provisional B3 (LGD 5, 85%) senior unsecured rating to the proposed $500 million senior unsecured notes to be issued by Hapag Llyods AG and guaranteed by its parent company, AB GMBH, with maturities from five years to seven years.
The outlook is stable.
The ratings are based on the expectation that the extremely weak financial results and credit metrics that Hapag-Lloyd recorded in 2009 will improve going forward, Moody's said.
The rating is predicated on the group's refinancing being successfully achieved according to plan and the company being able to follow a disciplined capital investment policy thereafter, the agency said.
The ratings are constrained by its currently complex capital structure, Moody's added.
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