May 20 - Creditreform has revised its rating for Rickmers Holding - parent company of the Rickmers Group - from B- to CCC.
Creditreform bases the new rating above all on the persistently challenging market conditions prevalent in the container shipping sector and the corresponding development of the Rickmers Group's operative business.
According to the rating agency, it therefore assesses the current market environment for potential capital and refinancing measures as weaker than at the beginning of this year.
To counteract the current challenging market conditions, the Rickmers Group is working on the implementation of a bundle of measures, intended to strengthen the company's liquidity position and to rearrange its liabilities.
The new process to refinance bank loans has already been initiated and is likely to take several months, said Rickmers.