Creditreform updates the company rating of Rickmers Holding
The rating agency Creditreform has updated the company rating of Rickmers Holding GmbH & Cie. KG, parent company of the Rickmers Group of shipping companies. The rating was set to the level CCC. To date Creditreform had rated the company with B, the company said in its press release.
Creditreform justifies the new rating with the bank loan liabilities maturing partially in 2015 and 2016 respectively, which are still subject to refinancing as well as the restrained development of market and the corresponding results from operations.
Rickmers Group has initiated negotiations with the financing banks to refinance the respective parts of the group’s loan liabilities. Together with the first bond issue in 2013 these negotiations form an essential part of the overall recapitalization strategy as a prerequisite for strengthening the capital base and further growth of Rickmers Group. As a reaction to the ongoing weak shipping markets, Rickmers Group has furthermore inter alia implemented a programme to increase efficiency in the Rickmers-Linie segment which will have positive effects already on the full year 2014 results.
Announcement according to § 8 of the General Terms and Conditions of Deutsche Börse AG for the Prime Standard for Corporate Bonds
