Ratings agency Moody's has downgraded boxship giant CMA CGM due to its "materially weaker" liquidity.
The corporate family rating has been cut to B2 from B1, with a stable outlook.
Moody's lead analyst Daniel Harlid said: "Today's rating action reflects that CMA CGM's liquidity profile has weakened materially in the last 12 months as a consequence of the acquisition of CEVA Logistics, although expected by Moody's to improve somewhat in 2020."
