Thursday, June 4, 2009

CMA CGM credit rating downgraded

All of the three big credit rating agencies downgraded the debt ratings of CMA CGM.

This was the action by Fitch

The ratings company downgraded the long-term Issuer Default Rating and its senior unsecured rating to 'BB-' from 'BB+'. It rated the outlook “Negative.” CMA CGM's Short-term IDR remains 'B.'

And this was the reaction of CMA CGM

FRENCH container line CMA CGM will no longer allow its debt to be rated by any of the big three agencies after losing patience with Standard & Poor’s, Moody’s and Fitch for failure to understand the container shipping industry.

Well, I guess that's one way to handle the bad news.

click here for article from Journal of Commerce

1 comment:

Fabrizio said...

..... And now they are so desperate that are trying to introduce a GRI. They say is something that all Major Shipping lines are doing but in the end for WAF they are the only party really pushing for it. Good Luck to the French.....