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Related Issuers
Rating Action:

Moody's changes the outlook on CMA CGM to positive; B2 ratings affirmed

12 Oct 2020

Stockholm, October 12, 2020 -- Moody's Investors Service (Moody's) has today affirmed the B2 corporate family rating (CFR) and the B2-PD probability of default rating (PDR) of CMA CGM S.A. ("CMA"), as well as the Caa1 senior unsecured rating. The outlook on all ratings changed to positive from negative.

Moody's also assigned a Caa1 rating on the proposed new €525 million senior unsecured bonds that will be used to refinance the senior unsecured bonds maturing in January 2021.

A full list of debt can be found in the end of the press release.

Today's rating action reflects a strong operating performance and an improvement in credit metrics as well as an improvement of CMA's liquidity profile with a reduction of refinancing risks. The container shipping market has performed very strongly amidst the pandemic, where all carriers have exhibited discipline in terms of adjusting capacity to decreased demand during the first half of 2020. Moody's understands volumes during the third quarter have been strong, sending up freight rates higher than at the start of the year. Coupled with low bunker prices, carriers have recorded double digit growth rates in EBITDA during this time period compared to the first half of 2019. Further positive rating pressure requires sustained performance of CMA as well as its key subsidiary CEVA Logistics AG ("CEVA"), and leverage improvements as well as the preservation of a sufficient liquidity profile.

RATINGS RATIONALE

During the first half of 2020, CMA has strengthened its liquidity profile significantly with the help of good market fundamentals translating into very high profitability and positive free cash flow generation. Furthermore, the liquidity profile benefitted from raising debt guaranteed by the French state, which clearly shows its support to the company. As of June 30 this year, available liquidity on a group level stood at $2.6 billion, which is around $1.0 billion higher than what was available as of December 31, 2019. Thus, the short-term liquidity risk that was one of the main drivers of the previously assigned negative outlook, has now abated.

In light of how the industry has behaved during the first half of the year, coupled with continued low bunker prices and relatively high freight rates and strong volumes during Q3, Moody's believes the second half will be even better in terms of operating performance. Adding a high likelihood that 2021 will at least be a stable year for container shipping, Moody's foresee an intact or even improving liquidity profile for CMA going forward, supported by continued positive free cash flow generation. That being said, downside risks remain present, such as a larger second wave of virus outbreaks or increased tension between US and China on international trade.

CMA's credit profile is still constrained by the operating performance of CEVA and the need of support by CMA. Since Q4 2019, CMA has injected a total of USD730 million in equity into CEVA, of which $521 has been in the form of cash; cash that instead could have been used to improve its own liquidity further. Nevertheless, we expect CEVA's performance to slowly improve its operations and ultimately be free cash flow positive.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook balances the risk of a global second wave in COVID-19 infections, jeopardizing the anticipated recovery of the global economy, with CMA's significantly improved liquidity profile as well as our expectations of continued capacity discipline by the large container carriers. Incorporating our projections of CEVA Logistics, Moody's now expects RCF / Net debt in the 20% area and a debt / EBITDA level of 3.5x -- 4.0x within the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A prerequisite for positive ratings pressure would first and foremost a sustained or improved liquidity profile. Furthermore, this would have to be accompanied by sustaining a debt / EBITDA ratio below 5x as well as FFO Interest Coverage above 3.0x.

Negative ratings pressure could arise if the company's debt/EBITDA ratio increased above 5.5 and FFO interest coverage decreased below 2.0x and stayed at such levels for a prolonged period. Additionally, sustained negative free cash flow and a weakened liquidity profile would cause negative pressure on ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping Industry published in December 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1100802. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

COMPANY PROFILE

CMA CGM is the fourth-largest provider of global container shipping services. The company operates primarily in the international containerized maritime transportation of goods, but its activities also include container terminal operations, intermodal, inland transport and logistics. For the last twelve months ending June 2020, the company reported revenue of $29.3 billion and EBITDA of $4.2 billion.

LIST OF AFFECTED RATINGS

Assignments:

..Issuer: CMA CGM S.A.

....Senior Unsecured Regular Bond/Debenture, Assigned Caa1

Affirmations:

..Issuer: CMA CGM S.A.

....Corporate Family Rating, Affirmed B2

....Probability of Default Rating, Affirmed B2-PD

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

..Issuer: CMA CGM S.A.

....Outlook, Changed To Positive From Negative

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Daniel Harlid
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service (Nordics) AB
Norrlandsgatan 20
Stockholm 111 43
Sweden
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Christian Hendker, CFA
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service (Nordics) AB
Norrlandsgatan 20
Stockholm 111 43
Sweden
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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