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

Finance

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1193 sec (8 req/sec)