Industry Report Card: Europe's Transporters Are Gradually Making Their Way Through The Sector's Fledgling Recovery Jul 10
Standard & Poors, July 2010
Abstract
Not unexpectedly, the weak global economy in 2009 has triggered record losses for many European transportation companies. Standard & Poor's Ratings Services believes, however, that key macroeconomic indicators and underlying data during 2010 from the issuers it rates now suggest the situation is slowly improving. We are seeing evidence of a fairly strong recovery in demand for freight transportation this year as well as a more modest recovery in passenger traffic, albeit versus weak 2009 comparisons. Still, we do not anticipate a surge in freight rates or yields, because we are cognizant of idle capacity that is being reintroduced to the market in response to returning demand, and due to the sizable forward order book for new capacity. This is...
Companies mentioned in this report are:
- Deutsche Lufthansa AG
- British Airways PLC
- PostNL N.V.
- Stagecoach Group PLC
- Nobina AB
- FirstGroup PLC
- Deutsche Post AG
- Ship Finance International Ltd.
- Logwin AG
- Kloeckner & Co. S.E.
- CEVA Group PLC
- SAS AB
- The Go-Ahead Group PLC
- Navios Maritime Holdings Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Deutsche Lufthansa AG
- British Airways PLC
- PostNL N.V.
- Stagecoach Group PLC
- Nobina AB
- FirstGroup PLC
- Deutsche Post AG
- Ship Finance International Ltd.
- Logwin AG
- Kloeckner & Co. S.E.
- CEVA Group PLC
- SAS AB
- The Go-Ahead Group PLC
- Navios Maritime Holdings Inc.
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