Independent journal on economy and transport policy
01:53 GMT+2
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Norwegian shipping company Hurtigruten is in danger of not surviving the impact of the pandemic
The rating downgrade does not allow the company to access the system of state loan guarantees
May 6, 2020
Emphasizing that the company does not ask for grants but possibility of obtaining loans to be repaid with interests, Skjeldam explained that with the system put in place by the government to provide loan guarantees to large companies affected by the health crisis was given to the Statens Obligasjonsfond (SOF) to provide loan guarantees to companies that have a rating higher than CCC. Because of the crisis, which caused the downtime of 14 ships in the fleet, the rating class Hurtigruten has been lowered to CCC, cutting out the company from the government support system. It is clear that company had notice that they could not access the system at the end of last month, Skjeldam urged to ensure that based on the recognized rating class company before the outbreak of the crisis, even in view of the fact that in the year before the start of the pandemic Hurtigruten posted record economic performance.
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