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Research Update: Thiel Logistik Rating Cut To 'B' On Weakening Profile; Off Watch; Outlook Stable Oct 05

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Abstract
On Oct. 27, 2005, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Luxembourg-based logistics provider Thiel Logistik AG (Thiel) to 'B' from 'B+', reflecting the group's weakened business and financial profiles. At the same time, the long-term debt rating on the group's -130 million ($155 million) senior subordinated notes was lowered to 'CCC+' from 'B-'. Both ratings were removed from CreditWatch with negative implications, where they had been placed on July 4, 2005, on concerns over strategic and management issues. The outlook is stable. The downgrade reflects the deterioration of Thiel's business and financial profiles over the last year, to the extent that they are no longer in line with our 'B+' long-term rating. Standard &...

Companies mentioned in this report are: Logwin AG
Action: Downgraded
Action: Outlook: Stable
Action: Removed From CreditWatch

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.

Companies Mentioned

Logwin AG

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Research Update: Thiel Logistik Rating Cut To 'B' On Weakening Profile; Off Watch; Outlook Stable Oct 05

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Report Formats

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Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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Please fax this form to:
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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)