Adverse Operating Conditions Are Dragging On European Transport Firms' Profits And Credit Quality, Says Report Jul 12
- Language: English
- Published: July 2012
- Region: Europe
On March 16, 2009, Standard & Poor's Ratings Services revised to negative from stable its outlook on Luxembourg-based logistics services provider, Logwin AG. This reflects weakening operational performance and vulnerability to depressed trading volumes in the logistics industry in 2009. At the same time, the 'B' long-term corporate credit rating on the group was affirmed. The negative outlook primarily reflects the group's weakening operating performance, sharp deterioration in trading volumes in the logistics industry, and our view that adverse market conditions will continue to dampen demand for Logwin's products and services during 2009. Free operating cash flow (FOCF) was marginally positive in 2008, but deteriorated sharply in the fourth quarter of the year, which is a credit concern. The cash...
Companies mentioned in this report are: Logwin AG
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
SHOW LESS READ MORE >