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Research Update: Luxembourg-Based Logistics Provider Logwin Long-Term Rating Lowered To 'B-' On Trading Weakness; Outlook Stable Nov 09 Product Image

Research Update: Luxembourg-Based Logistics Provider Logwin Long-Term Rating Lowered To 'B-' On Trading Weakness; Outlook Stable Nov 09

  • Published: November 2009
  • Standard & Poors

FEATURED COMPANIES

Abstract
Luxembourg-based logistics service provider Logwin has recorded sharp falls in sales and profits in 2009. Adjusted debt to EBITDA weakened to about 10.0x in September 2009 from 5.8x at the end of 2008. We are lowering our corporate credit rating on Logwin to 'B-' from 'B'. The stable outlook reflects our belief that Logwin has a weak, but adequate, liquidity profile for its rating. On Nov. 12, 2009, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Luxembourg-based logistics service provider Logwin AG to 'B-' from 'B'. The outlook is stable. In addition, the issue rating on the group's -130 million subordinated notes was lowered to 'CCC+' from 'B-', one notch below the corporate credit rating. The...

Companies mentioned in this report are: Logwin AG
Action: Downgraded

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 READ MORE >

Logwin AG

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