S&P upgrades Zim bond rating

S&P upgrades Zim bond rating    Ratings agency Standard & Poor's has raised the bond rating of liner carrier Zim to 'BBB-' with a stable outlook, the Israeli line said.
   The agency attributed the upgrade, from its previous BB+ rating, to continued improvement in the company’s performance and stability in the global shipping sector. S&P also upgraded Zim's rating in September 2010.
   'This additional upgrade indicates that Zim is on the right track,' said Zim Chief Financial Officer Allon Raveh. 'We consistently generate a positive cash flow from operations and have reached a peak of nearly $200 million in the third quarter of 2010. Improvement in the global market and our intensive efforts in all areas of operation to improve efficiency and profitability are reflected in the company results as well as in the bonds’ rating.”