S&P Global Ratings Upgrades Global Ship Lease’s Credit Rating to BB-



S&P Global Ratings raised Global Ship Lease’s long-term issuer credit rating to BB- from B+, with a stable outlook, on the basis of its larger scale, increased diversification, enhanced contract coverage, expectation that favorable charter rate conditions will continue and forecast of solid EBITDA performance and positive free cash flow generation.

“This upgrade from S&P is yet another major affirmation of GSL’s significantly improved financial and strategic position, driven fundamentally by our success in securing a very high level of immediately accretive, charter-attached growth in a highly supportive market,” George Youroukos, executive chairman of Global Ship Lease, said. “In addition to the transformative growth of our fleet and earnings power, we have capitalized on this record-setting market strength to extend charters across our fleet for multi-year durations at rates considerably higher than prior charters and have actively managed our balance sheet to drive down our cost of debt and dramatically improve our leverage profile. Our proven strategy and clear earnings visibility, combined with highly favorable market conditions that look set to persist for some time, position us well to continue executing our growth strategy in a way that strengthens Global Ship Lease on all fronts.”

Global Ship Lease is an independent owner of containerships with a fleet of mid-sized and smaller containerships.


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