Standard and Poor’s (S&P) downgraded AP Moller-Maersk amid worries that market pressures will continue to impact its core container shipping business.
The US credit ratings agency dropped its ratings for the Danish shipping conglomerate to “BBB” from “BBB+”, signalling that a recent strategic shift by the Copenhagen-listed giant will not cure the impact of weaker markets.
S&P threatened further ratings reductions. But it removed the company, which is led by Soren Skou (pictured) from negative CreditWatch and the new rating remains investment-grade.
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