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Indiaexportnews.com

ZIM’s bond rating increased as expected

  13.01.2010    

ZIM Integrated Shipping Services has completed the conditions precedent required for the new bond terms to come into effect. Consequently, Standard & Poor (S&P) Maalot has announced it will raise ZIM’s bond rating by six grades, to “B” Stable.
The move by S&P Maalot was made based on ZIM’s improved cash flow, a necessary requirement for the new bond terms to come into effect. 
The global credit ratings and risk analysis firm also stated that if the company achieves the targets of its financial restructuring plan and its level of liquidity, it may lead to a further rating increase. 
Alon Raveh, ZIM’s Chief Financial Officer, said: “The upgrade is a significant step in the stabilisation of ZIM. We’re now focused on ensuring the continued improvement on our commercial and financial positioning. 
“The upgraded “B” Stable rating for ZIM bonds is an expression of confidence in ZIM’s financial restructuring plan, and strengthens the central message towards the bond holders, which is that the debt will be paid in full, and the only change is the agreed postponement of payment timing, for which the bond holders were compensated.”



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