Moody's clarifies the Identification of Moody's Principal Methodology and Rating Implementation Guidance in Hapag-Lloyd Group's Issuer Comment

Milan, July 04, 2011 -- This press release clarifies that the principal methodologies used in the action cited below were "Global Shipping Industry", published in December 2009, and "Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA", published in June 2009. In addition, this clarifies that "Revisions to Moody's Hybrid Tool Kit", published in July 2010 is a Rating Implementation Guidance publication, not a rating methodology.

This announcement has no impact on the current ratings of Hapag-Lloyd AG and Hapag-Lloyd Holdings AG as stated in the November 30, 2010 Issuer Comment.

Please see ratings tab on the issuer/entity page on for the last rating action and the rating history.

Marco Vetulli
VP - Senior Credit Officer
Corporate Finance Group
Moody's Italia S.r.l

Eric de Bodard
MD - Corporate Finance
Corporate Finance Group
Moody's France SAS
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Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122

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