Moody Investors Service has upgraded the corporate family rating of BW Group to Ba1 from Ba2 thanks to its improved fiscal position.
The ratings agency has also upgraded the rating on the remaining $194m of senior secured notes due 2017 to Ba1 from Ba2. The outlook on all ratings is stable.
“Cyclically strong spot rates have boosted the performance of BW Group’s VLCC, tanker and LPG fleets throughout 2015 leading to improved cash flows and a very good liquidity profile” says Brian Grieser, a Moody’s vice president and senior analyst.
