TEXT-S&P summary: CMA CGM S.A.

Wed Aug 8, 2012 6:23am EDT

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(The following statement was released by the rating agency)

Aug 08 -

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Summary analysis -- CMA CGM S.A. ---------------------------------- 08-Aug-2012

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CREDIT RATING: CCC+/Watch Neg/-- Country: France

Primary SIC: Deep sea foreign

trans. of

freight

Mult. CUSIP6: 189909

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Credit Rating History:

Local currency Foreign currency

14-Jun-2012 CCC+/-- CCC+/--

09-Mar-2012 B-/-- B-/--

11-Apr-2011 B+/-- B+/--

30-Jun-2009 NR/-- NR/--

25-Nov-2008 BB+/-- BB+/--

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Rationale

The ratings on France-based container ship operator CMA CGM S.A. remain on CreditWatch, where Standard & Poor's Ratings Services placed them with negative implications on June 14, 2012, reflecting CMA CGM's weak liquidity position.

We believe that CMA CGM's liquidity position will likely remain under strain over the coming months, owing to delays in corrective actions, such as amendments to the company's debt amortization profile and major asset disposals. Furthermore, we understand that there is a delay in receiving $250 million of cash proceeds from the issuance of redeemable bonds to Turkey-based holding company Yildirim Group (completed in January 2012). We consider these delays to have generated increased uncertainty over CMA CGM's ability to execute a restructuring plan, and the format this would take, before it finds itself in a financially distressed position.

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