S&P ups Malaysia International Shipping to A-

Standard & Poor's said it raised its long-term corporate credit rating on Malaysia International Shipping Corp. Bhd. to A- from BBB+. The outlook is stable.

The rating was removed from CreditWatch positive, where it was placed on Dec. 6.

S&P said the rating action follows the company's plan to use proceeds of $740 million from the sale of its 32 bulk carriers to repay existing debt and to fund its upcoming vessel purchases.

This is expected to improve its capital structure faster than originally expected, according to S&P.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.