CMA CGM S.A. -- Moody's changes outlook on CMA CGM's B1 ratings to stable; affirms ratings

London, 07 December 2015 -- Moody's Investors Service has today changed to stable from positive the outlook on CMA CGM S.A.'s B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured rating. Concurrently, Moody's has affirmed the ratings assigned to the company. This follows CMA CGM's announcement of a pre-conditional voluntary general cash offer to acquire Neptune Orient Lines Limited (NOL, unrated), a Singaporean container liner, for a consideration of $2.4 billion. Temasek Holdings (Private) Limited (Aaa stable), NOL's largest shareholder with a 67% stake, has irrevocably undertaken to tender all of its shares into the offer.

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