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Bulletin: Deutsche Post 'BBB+' Ratings Unaffected By Doubling Of Restructuring Charge At U.S. Express
Standard & Poors, Nov 2008
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
LONDON (Standard & Poor's) Nov. 11, 2008--Standard & Poor's Ratings Services said today that its rating and outlook on Deutsche Post AG (DP; BBB+/Negative/A-2) remain unchanged following the Germany-based postal service provider's announcement that an increase in the scope of restructuring at its U.S. Express business will raise related cash charges to $3.9 billion (-3 billion) from $2.0 billion. Although the increase in the restructuring charge is significant, the financial benefits of exiting the domestic air and ground express service are material. Under the group's new plan, operating losses are expected to fall to an annualized level of less than $400 million by the end of 2009, compared with the current $1.5 billion loss forecast in 2008. Cash costs will...
Companies mentioned in this report are: Deutsche Post AG,Deutsche Postbank AG
Action: Bulletin
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