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BULLETIN: Deutsche Post AG Forced to Reduce Stamp Prices From 2003
Standard & Poors, July 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 of the intended decision for the price regulation by the Regulatory Authority for Telecommunications and Posts, which will lower earnings by -300 million per year for Deutsche Post AG (A+/Stable/A-1) from 2003 onward, will have no impact on the ratings and outlook on Deutsche Post or its subsidiary, Deutsche Postbank AG (A+/Stable/A-1). Although the stamp price reductions amount to -300 million per year and will directly affect profits, Standard & Poor's expects that the negative effect on funds from operations, which was -2.8 billion in 2001, will be less than 10% in 2003. The maintenance of the current sound financial profile is a key ratings factor and any further significant deterioration in...
Companies mentioned in this report are: Deutsche Post AG,Deutsche Postbank AG
Action: S&P Event
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