Moody's: Hapag-Lloyd negative

Moody's Investors Service said it changed the outlook on Hapag-Lloyd Holding's ratings to negative from stable.

Concurrently, the rating agency said it affirmed the company's B1 corporate family rating and probability of default rating as well as its B3 senior unsecured rating currently assigned to the €480 million and $250 million worth of senior unsecured notes maturing in 2015 and 2017, respectively, issued by Hapag-Lloyd AG and guaranteed by Hapag-Lloyd.

"The change of outlook on HL's ratings is primarily driven by the company's weaker-than-expected performance during the first nine months of 2011 that is likely to translate into credit metrics very weak for the current rating category at year-end," Moody's vice president, senior credit officer and lead analyst for Hapag-Lloyd Marco Vetulli said in a news release.

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