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Bulletin: Deutsche Post 'BBB+' Rating Unchanged By Sale Of Minority Stake In Postbank To Deutsche Bank Sep 08
Standard & Poors, Sep 2008
Abstract
LONDON (Standard & Poor's) Sept. 12, 2008--Standard & Poor's Ratings Services said today that its rating and outlook on Deutsche Post AG (DP; BBB+/Stable/A-2) remain unchanged following the Germany-based postal service provider's announcement earlier today that it has sold a minority stake of 29.75% in financial services provider, Deutsche Postbank AG (A-/Positive/A-2), to Deutsche Bank AG (AA-/Negative/A-1+). While the sale of this stake will generate disposal proceeds of around -2.8 billion for DP, based on an agreed price of -57.25 per share, we do not expect the group's credit profile to exceed our expectation for the rating. Disposal proceeds afford DP additional financial flexibility, but we expect such proceeds to be a central component of the group's considerations in the...
Companies mentioned in this report are: Deutsche Post AG,Deutsche Bank AG,Deutsche Postbank AG
Action: Bulletin
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.
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