Moody’s upgrades V.Group’s ratings
Ratings agency Moody’s Investors Service (Moody’s) has this week upgraded V.Group’s rating to B3 from Caa1, with stable outlook.
Moody’s references V.Group’s strengthened liquidity and strong progress in increasing revenue and profitability in 2022 as rationales for the upgrade. Moody’s also notes that the progress reflected the company’s strategic decision to focus on providing its extensive range of services to its existing customer base, as opposed to singularly focusing on increasing the number of vessels under management.
The upgrade follows an earlier upgrade by Standard & Poor’s, V.Group’s other credit rating agency, to B- from CCC+ in July 2022.
René Kofod-Olsen, Chief Executive Officer at V.Group, said:
“I am delighted that our progress has been recognised by a leading rating agency. The upgrade is positive news for all our stakeholders and reflects the positive progress we’re making.
“The news is testament to the efforts of our people and teams across our business and the successful execution of our strategy. As a forward-thinking global business, we have a clear vision and ambitious plans for growth.”