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Rating bureau sees increasing risk for Rickmers Holding

Following the meltdown of the German KG scheme, Rickmers Holding is paying a high price for raising capital in the bond market, says German rating bureau Creditreform, according to Alphaliner.

German rating bureau Creditreform has downgraded Rickmers Holding's debt by tree notches, from BB to B, due to an increasing risk related to bond loans combined with continuing uncertainty regarding general market developments, says Alphaliner on Tuesday.

Even though Rickmers achieved a 2013 net profit of EUR 1.5 million, the carrier's actual result including non-controlling interests came to a deficit of EUR 16.2 million, primarily caused by the 66.9 percent stake in Singapore-listed Rickmers Maritime Trust (RMT), which is not owned by the Rickmers Group. RMT's profits are part of the result for the Rickmers Group, as the group controls the management of the trust even though it only owns a 33.1 percent stake, according to Alphaliner.

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