Jamaican media and politicians have questioned CMA CGM’s takeover of Kingston Container Terminal after credit rating agencies downgraded the carrier’s debt.
In April 2016, Standard & Poor’s and Moody’s downgraded their long-term credit ratings on CMA CGM because of low freight rates and challenging conditions in the container shipping industry.
According to Jamaican newspaper The Sunday Gleaner, this downgrade left senior government members worried that the company would not be able to fund the dredging of Kingston harbour when it takes over the terminal on July 1.
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