Upgrades Senior Secured Facilities to
BBB
LONDON, Sept. 7, 2021 /CNW/ - Seaspan Corporation
("Seaspan" or the "Company"), a wholly owned subsidiary of Atlas
Corp. ("Atlas") (NYSE: ATCO), today announced that Kroll Bond
Rating Agency ("KBRA") 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, added, "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."
About Atlas
Atlas is a leading global asset management company,
differentiated by its position as a best-in-class owner and
operator with a focus on deploying capital to create sustainable
shareholder value. Atlas brings together an experienced asset
management team with deep operational and capital allocation
experience. We target long-term, risk adjusted returns across
high-quality infrastructure assets in the maritime sector, energy
sector and other infrastructure verticals. Our two portfolio
companies, Seaspan Corporation and APR Energy Ltd. are unique,
industry-leading operating platforms in the global maritime and
energy spaces, respectively. For more information visit
atlascorporation.com.
About Seaspan
Seaspan is a leading independent owner
and operator of containerships. We primarily charter our vessels on
long-term, fixed-rate time charters to the world's largest
container shipping liners. Seaspan's operational fleet consists of
131 vessels with a total capacity of 1,120,200 TEU. We also have 60
vessels under construction, increasing total fleet capacity to
1,889,200 TEU, on a fully delivered basis. For more information
visit seaspancorp.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as
such term is defined in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events. Statements that are
predictive in nature, that depend upon or refer to future events or
conditions, or that include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates", "projects",
"forecasts", "will", "may", "potential", "should", and similar
expressions are forward-looking statements. These forward-looking
statements reflect management's current expectations only as of the
date of this release. As a result, you are cautioned not to rely on
any forward-looking statements. Although these statements are based
upon assumptions that we believe to be reasonable based upon
available information, they are subject to risks and uncertainties.
These risks and uncertainties include, but are not limited to, the
factors detailed from time to time in our periodic reports and
filings with the SEC, including Atlas's Annual Report on Form 20-F
for the year ended December 31, 2020,
filed with the SEC on March 19, 2021.
We expressly disclaim any obligation to update or revise any of
these forward-looking statements, whether because of future events,
new information, a change in our views or expectations, or
otherwise. We make no prediction or statement about the performance
of any of our securities.
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SOURCE Atlas Corp.