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Danish Ship Finance keeps fighting poor rating

Danish Ship Finance achieved a massive improvement in the first half of 2014 following several years with very modest losses during the crisis. Yet Moody's rating of the bank is still extremely low.

Photo: Danmarks Skibskredit PR
BY OLE ANDERSEN

"It hasn't become any easier to understand why we've been downgraded five notches (credit grades) over time, in light of the results we've achieved during the worst shipping crisis in many years. But the Danish bond market is very much capable of seeing the actual risk of buying our bonds, which are traded at a price level that reflects the underlying risk," says Danish Ship Finance CEO Erik I. Lassen after a 2nd quarter interim report that showed a USD 149 million profit, compared to USD 19.7 million in the same period last year.

The result was characterized by an increased repayment of previous lending impairments.

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