S&P upgrades Eversholt

S&P said it raised the long-term corporate credit rating on the Eversholt Investment Ltd. to BBB+ from BBB.

The outlook is stable.

The agency also said it raised the ratings on various secured bonds issued by Eversholt to BBB+ from BBB.

The upgrades follow Eversholt's continued stable performance under its parent company, Cheung Kong Infrastructure Holdings Ltd., an infrastructure arm of the group's ultimate parent CK Hutchison Holdings Ltd.

CK Hutchison and Cheung Kong Infrastructure acquired Eversholt via a joint venture from a group of financial investors in 2015, S&P explained.

Since the acquisition, Eversholt has continued to invest in enhancing its existing fleet and in four new build orders, the agency said, and adhered to a flexible distribution policy.

The ratings reflect an assumption of continued support by Eversholt parent company, S&P said.

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