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Monday, June 24, 2019

Moodys News

Courtesy Teekay

Moody's confirms Teekay's B3 CFR; Changes Outlook to Stable

Moody's Investors Service confirmed the ratings of Teekay Corporation ("Teekay", or "Parent"): Corporate Family Rating ("CFR") at B3 and senior unsecured debt rating at Caa1. Concurrently, Moody's upgraded the Speculative Grade Liquidity rating to SGL-3 (adequate), from SGL-4 (weak). The ratings outlook is stable. This action resolves the review for downgrade initiated on 15 April, 2016. Speculative Grade Liquidity rating, upgraded to SGL-3 from SGL-4. The ratings outlook was changed to Stable from Rating Under Review.

Courtesy Saipem S.p.A.

Moody's Reviews Saipem's Rating

San Donato Milanese (Milan), February 10, 2016 – Saipem S.p.A., informs that today Moody’s, through the publication of a press release on its website [www.moodys.com] given below has communicated that it has placed under review the provisional issuer rating of "(P) Baa3 " attributed to Saipem, for a possible downgrade. Saipem was assigned its provisional rating, and which has caused Moody’s to downgrade its expectations for future oil prices. • On the potential impact of the weaker market context on Saipem’s future ability to generate cashflows in line with the strategic plan.

Moody's Assigns a B2 CFR to Hapag-Lloyd AG

Moody's Investors Service assigned to Hapag-Lloyd AG. (Hapag-Lloyd) a B2 corporate family rating and the B2-PD probability of default rating. At the same time, the rating agency has withdrawn the B2 corporate family rating (CFR) and  the B2-PD probability of default rating (PDR) of Hapag-Lloyd Holding  AG for reorganization reasons. The withdrawals follow the downstream merger of Hapag-Lloyd Holding AG into Hapag-Lloyd AG. The outlook on the ratings is negative. "The rating assignment…

Moody's: Sale of Inland River Barge Ops is a "Credit Negative" for United Maritime

New York, April 24, 2012 -- Moody's issued a press release on the planned sale of United Maritime Group, LLC's ("UMG", B2 stable) inland river barge operation, United Barge Line, LLC ("UBL") to Ingram Barge Company (not rated) for $222 million, calling it is negative for the company's credit profile. UMG's business profile will change and cash flow generating capacity will meaningfully reduce with the divestiture of its inland river barging operations. However, net proceeds likely in excess of $200 million could fund the repayment of a significant portion of UMG's indebtedness.

Palm Beach Port

Moody Upgrades Port of Palm Beach

The Port of Palm Beach District announced that Moody’s Investors Service, Inc. upgraded the Port of Palm Beach District senior rating to Baa3 from Ba1, and reported the outlook to be stable. The report, released October 2, 2015, documented the port’s strengths, challenges and recent developments as the agency’s rationale for the ratings upgrade. The upgrade to Baa3 recognizes the port’s sustained financial improvement due to successful contract renewals with its largest customers.