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BULLETIN: Deutsche Post AG Ordered To Repay ?572 Million in State Aid by EU
Standard & Poors, June 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Standard & Poor's said today that the announcement by the European Commission that Germany-based Deutsche Post AG (A+/Stable/A-1) must repay -572 million ($548 million) of state aid it used to subsidize its parcel delivery service has no impact on the credit ratings or outlook on Deutsche Post or its subsidiary Deutsche Postbank AG (A+/Stable/A-1). Deutsche Post has stated that it will file a suit against the decision released yesterday by the EU Commission, but will also make a -850 million provision to cover the repayment plus interest. Although this amount is significant in that it represents just more than one-half of Deutsche Post's 2001 net income (-1.58 billion), Deutsche Post remains financially robust. The repayment is a one-off penalty relating...
Companies mentioned in this report are: Deutsche Post AG,Deutsche Postbank AG
Action: S&P Event
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