Release Date: 24 February 2011
Release ID: 5160
The upgrade is in light of continued improvement in the company’s performance and the stability in the global shipping sector. Zim's CFO, Allon Raveh: "this additional upgrade indicates that Zim is on the right track."
The factors mentioned by S&P as leading to the upgrade are improvement in the world trade and the shipping market, Zim's operational performance and the results of the first three quarters of 2010, as well as the continued improvement in the company's cash flow.
The current upgrade follows a sharp raise of 4 grades in September 2010.
In November 2010 Zim published its 3rd quarter results, indicating profits and a continued trend of improvement of the company’s performance. Zim is currently implementing a new strategic plan and organizational and structural changes, which are designed to improve profitability.
Allon Raveh, Zim's CFO said: "this additional upgrade indicates that Zim is on the right track. We consistently generate a positive cash flow from operations and have reached a peak of nearly 200 million dollars in the third quarter of 2010. Improvement in the global market and our intensive efforts in all areas of operation to improve efficiency and profitability, are reflected in the company results as well as in the bonds’ rating."
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