Fearnley Securities is backing S&P Global Ratings' upgrade to Global Ship Lease (GSL)'s debt as fundamentals improve for the boxship owner and the overall containership market.
S&P lifted GSL's first-priority senior secured notes to BB- from B+ on Wednesday, citing better market conditions, positive rate momentum and strong operating profit, according to the boxship owner.
The ratings agency also based its upgrade on fast lowering of debt and better-than-expected demand recovery for liner clients, GSL said.
