Korea Investor Service has upgraded restructured Hyundai Merchant Marine's credit rating from default status.
The Moody's affiliate now rates it as stable at BB, from D previously.
The ratings agency believes the owner has successfully overcome all its financial challenges through a debt for equity swap, the reduction of charter fees and the reorganisation of bond debt.
It said it is also benefiting from state support and its status as Korea's national flag carrier.
HMM
