S&P Maalot raises Zim rating to "ilBBB"

The factors leading to the upgrade are improvement in the world trade and the shipping market. The current upgrade follows a sharp raise of four grades in September 2010
 
Standard and Poor’s Maalot (S&P) has raised Zim Integrated Shipping Services Ltd. bond rating to 'ilBBB' from "BB+", with stable outlook, in light of continued improvement in the company’s performance and the stability in the global shipping sector. 
 
The current upgrade follows a sharp raise of four grades in September 2010. The factors mentioned by S&P as leading to the upgrade are improvement in the world trade and the shipping market, Zim's operational performance and the results of the first three quarters of 2010, as well as the continued improvement in the company's cash flow.
 
In November 2010 Zim, owned by conglomerate Israel Corp, published its third quarter results, indicating profits and a continued trend of improvement of the company’s performance.
 
Zim is currently implementing a new strategic plan and organizational and structural changes, which are designed to improve profitability.