Moody’s Investors Service has upgraded the Corporate Family Rating of the Russian terminal operator Global Ports Investments Plc (GLPR) to Ba1 from Ba2 and Probability of Default Rating to Ba1-PD from Ba2-PD.
In addition, Moody’s has upgraded to Ba1 from Ba2 the ratings of the senior unsecured notes issued by GLPR's 100%-owned financial subsidiary Global Ports Finance Plc, both of which have a stable outlook.
Global Ports operates in the Baltic and the Far East Basins, with five container terminals in Russia and two in Finland. The company also owns an inland container terminal in the vicinity of Saint Petersburg.
GLPR's revenue for the first half of the year was US$229.8 million and adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) reached US$113.8 million, while consolidated marine container throughput completed 789,000TEU at the same time.
The Russian company's major shareholders are Delo Group, the largest intermodal container and port operator in Russia with a stake of 30.75%, and APM Terminals B.V. which possesses 30.75% too.