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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

Transocean: Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service

NOAA Orders Newbuild Navigation Response Boats

NOAA today announced that Lake Assault Boats of Superior, Wisconsin, will build two small vessels for the Office of Coast Survey's navigation response program,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.1199 sec (8 req/sec)