Seaspan, a wholly-owned subsidiary of Atlas, announced that Kroll Bond Rating Agency has upgraded Seaspan’s corporate rating to BB+ from BB and senior secured rating to BBB from BBB-. The ratings upgrade reflects Seaspan’s position as a global leader in containership leasing and substantial progress towards our capital plan objectives. The assigned ratings carry a stable outlook.

The BBB rating is attributed to Seaspan’s innovative portfolio financing program which closed in 2019 and has since grown to approximately $2.5 billion, representing a central component of Seaspan’s capital structure.

KBRA noted that the upgrades reflect “improvements in Seaspan’s business risk management, including a more diversified customer base, improved funding source diversification through multiple unsecured debt issuances and increased unencumbered assets which improves financial flexibility.”

Graham Talbot, chief financial officer of Seaspan, said, “These upgrades are another step on Seaspan’s continuing journey towards an investment-grade credit rating. As our team continues to progress towards a simpler, more efficient, and more flexible balance sheet, we expect further recognition from rating agencies and our global base of investors.”