Ferry and Cruise Ship Operators - Europe: Credit quality likely to strengthen amid improving demand and low oil prices
CORPORATES SECTOR IN-DEPTH 20 July 2017 TABLE OF CONTENTS Improving underlying demand should drive top-line growth 2 Prolonged low oil price will support profitability for most operators 3 Scandlines faces the least competitive pressure, Moby the most 4 High capital spending will constrain FCF generation 6 No immediate refinancing risks 7 Moody's Related Research 10 Contacts Guillaume Le
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