Maalot repeatedly slashed Zim's bond rating last year from A to CC, one level above insolvency
Standard & Poor's Maalot Ltd. today raised its rating for Zim Integrated Shipping Services Ltd. bonds to B, now that the company's debt settlement has come into effect. Maalot repeatedly slashed Zim's bond rating last year from A to CC, one level above insolvency, as the company's financial situation deteriorated.
Zim, owned by Ofer Holdings Group subsidiary Israel Corporation (TASE: ILCO), reached a settlement two months ago on its debt of over $3 billion, part of which is owed to bondholders. Zim's debt has been rescheduled, liens to credits, including bondholders, were increased, and Israel Corp. injected over $500 million into the company.