Ratings agency Standard & Poors (S&P) has revealed that it has downgraded CMA CGM from a B+ to a B- rating, and called it 'weak', due to worries over liquidity in the wake of its net loss of €23m for 2011.
S&P said that it could further downgrade the French container group's rating unless it moved to improve its debt position, by either selling assets or changing the payback terms on its debt.
'We believe that CMA CGM's cashflow generation will remain limited, thereby eroding its liquidity position,' S&P said.
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