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ICR and Feller Rate raise CSAV’s risk rating

The increase in the rating assigned to the Company by both rating agencies is mainly due to the good operational performance of Hapag-Lloyd, in which Vapores maintains a 30% stake.


Santiago, April 28, 2021. The risk rating agencies ICR and Feller Rate reported in their most recent report that they raised the solvency and bond rating of Compañía Sud Americana de Vapores (CSAV). Both highlighted that the increase is mainly due to the good operating performance of their main investment, Hapag-Lloyd.


On the one hand, ICR reported that it modified CSAV’s solvency and bond rating up from category BBB+ to A-, maintaining the stable trend. Likewise, it modified the classification assigned to the stock certificates from First Class Level 3 to First Class Level 2, “based on the strengthening exhibited by its main investment, Hapag-Lloyd”.

ICR highlights the greater recurrence of the dividends obtained from Hapag-Lloyd, highlighting that in 2021 the dividend contributed by Hapag-Lloyd would reach US$ 218.3 million, vastly higher than the dividend received in 2020 for US $65.8 million. Additionally, the company has continued with its deleveraging strategy.

Vapores credit rating had already been modified by ICR in December 2020 from category BBB / Stable to category BBB + / Stable

Feller Rate

Meanwhile, Feller Rate reported that it raised the rating assigned to Vapores’ solvency and bond lines from BBB- to BBB, which “reflects the positive evolution shown by its main investment, Hapag-Lloyd, with respect to its risk profile. “The rating agency pointed out that this considers a greater generation of funds than estimated in the base scenario, which allowed the German shipping company a significant decrease in financial debt, and, in turn, led to a greater distribution of dividends for 2021 with respect to previous periods.

Likewise, Feller Rate raised the stock classification to First Class Level 3, which, they affirm, responds mainly to the direct improvement in their solvency position and factors such as the liquidity of the securities and aspects of corporate governance, transparency and of availability of the issuer’s information. In addition, the greater stability and rationality of the industry stands out, which has allowed the global supply to be adjusted effectively and organically.

They also stated that the effects of the pandemic on Hapag-Lloyd’s operation were offset by the efficiency plan that the shipping company has been implementing in recent periods, the decrease in average fuel prices and the recovery in demand evidenced from the second semester of 2020.