S&P ups A.P. Moller-Maersk

S&P said it raised the ratings on A.P. Moller-Maersk A/S and its senior unsecured notes to BBB+ from BBB.

“Freight rates are unlikely to moderate in second-half 2021, contrary to our previous expectations. Uninterrupted strong demand for tangible goods, accompanied by prolonged congestion in major maritime ports and disruption of logistical supply chains, are tying up containership capacity and boosting freight rates,” the agency said in a press release.

S&P said it sees the company’s S&P Global Ratings-adjusted funds from operations to debt continuing to exceed 50%, or the threshold for the BBB+ rating.

The outlook is stable.

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