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Moody's lowers CMA CGM
Moody's Investors Service said it downgraded CMA CGM's corporate family rating and probability of default rating to B2 from B1.
Concurrently, Moody's said it downgraded CMA CGM's €325 million and $475 million worth of senior unsecured notes maturing in 2019 and 2017, respectively, to Caa1 from B3.
The outlook is negative.
Moody's said the downgrade was triggered by CMA CGM's weak performance for the third quarter. As a result, 2011 will be significantly weaker than Moody's estimated last September, translating into credit metrics that are likely to be very weak for the category at year-end.
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