China Will Use Antarctica For Its Ocean Monitoring Satellites
by Ryan Woo (Reuters) China, only the third country to put a man in space after the Soviet Union and United States, is to build ground stations on Antarctica to back...
Zim Rio Grande, image courtesy Huhu Uet, published under Creative Commons License
The Israeli unit of S&P maintained a “negative” outlook for Zim, a subsidiary of the Israel Corp conglomerate.
Zim, which has been hurt by tough economic conditions and has debt of around $3 billion, lost $44 million in the third quarter, versus a $16 million profit a year earlier.
Zim is the world’s 17th largest shipping company with a 2 percent market share.
“The continuing crisis in the shipping industry continues to adversely affect Zim’s operating results,” the ratings agency wrote in a report on Sunday.
“In our opinion, without restructuring the company’s debts and/or without a significant upturn of industry conditions, the company will find it difficult to meet (debt) obligations in 2014.”
S&P Maalot had cut Zim’s rating to “CCC” from “B” in May. (Reporting by Steven Scheer)
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