S&P Trims Stena's Credit Rating

Tuesday, April 24, 2001
Standard & Poor's lowered its long-term corporate credit rating on Sweden-based Stena AB to double-'B' from double-'B'-plus. The senior unsecured rating on Stena was also lowered, to double-'B'-minus from double-'B'. At the same time, the ratings were removed from CreditWatch, where they were placed with negative implications on Oct. 31, 2000. The outlook is negative. The downgrade reflects Stena's increased exposure to the difficult Northern European ferry market and a weaker financial profile following completion of the acquisition of Stena Line AB. Stena Line, which is wholly owned by Stena, is one of the world's largest ferry companies, with routes in Northern and Western Europe. While it has a strong brand name, and operates a modern fleet of vessels, difficult market conditions have, however, placed significant financial and operational strain on the company, owing to fierce competition, the construction of new fixed links, and especially since the abolition of duty- and tax-free retail sales. As a result, Stena Line has reported very weak results over the past few years, despite comprehensive restructuring programs and cooperation with The Peninsular and Oriental Steam Navigational Co. (P&O).
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Johan Sverdrup Contract to "Pioneering Spirit"

Statoil has signed a contract with Allseas for installation of three platform topsides on the Johan Sverdrup field.   The vessel will be installing the topsides for the drilling,

Record Thames Ridership

A record 9.8 million passengers are using the River Thames‎, two years on from the launch of the Mayor's River Action Plan, it was announced today. The River Action Plan,

Tallink & Meyer Turku to Build LNG Ferry

AS Tallink Grupp and Meyer Turku Oy signed a contract for the construction of LNG powered fast ferry for Tallinn-Helsinki route shuttle operations. The dual

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1289 sec (8 req/sec)