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
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