Summary: Thiel Logistik AG Nov 07
Standard & Poors, November 2007
Abstract
The ratings on Luxembourg-based logistics services provider Thiel Logistik AG reflect the group's midsize position in the highly fragmented, cyclical, and competitive logistics market; the regional and relatively modest scope of its operations; modest margins; and high financial leverage. The ratings benefit from Thiel's good positions in certain specialist markets, such as German fashion and media. Thiel has annual revenues of about -1.9 billion and some good niche market positions. The group faces competition, however, from a number of larger players in the European logistics sector, including DHL, (which belongs to Deutsche Post AG, A-/Negative/A-2), Ceva Group PLC (B/Negative/--), Schenker (owned by Deutsche Bahn AG; AA/Negative/A-1+), and Kuehne & Nagel. There is a risk that larger competitors could put pressure...
Companies mentioned in this report are: Logwin AG
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Logwin AG
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