Moody's cuts Hapag-Lloyd

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Hapag-Lloyd Holding AG to B2 from B1.

Concurrently, the rating agency downgraded the 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 Holding AG, to Caa1 from B3.

The outlook is negative.

"Today's rating action reflects our view that, over the next 12-18 months, Hapag-Lloyd is unlikely to achieve a consolidated financial profile that would be commensurate with its B1 rating," Moody's vice president, senior credit officer and lead analyst for Hapag-Lloyd Marco Vetulli said in a news release.

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