Standard & Poor’s (S&P) cut its outlook for the credit ratings of AP Moller Maersk (Maersk Group), warning that a downgrade could follow if market conditions do not improve.

The US credit ratings agency reduced the outlook to “negative” from “stable” as the Danish giant faces difficult market conditions across its business lines, but it affirmed its “BBB+” company-wide rating.

S&P analysts led by Per Karlsson wrote there is a one-in-three chance of a one-notch downgrade, which would still keep Maersk’s rating out of speculative-grade, or junk, range.

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