Industry Report Card: The Slowdown In European Transportation Is Dragging Down Profits And Credit Quality Dec 09
Standard & Poors, December 2009
Abstract
Slower trade and passenger traffic is continuing to drag on the revenues and profitability of Europe's rated transportation companies, in Standard & Poor's Ratings Services observation. Although we have seen signs of stabilization in trading volumes for logistics players and in some passenger markets in the airline industry over the past few months, we believe that the market environment will remain difficult in the first quarter 2010. This is not least because Standard & Poor's economists forecast only a weak recovery in 2010, in which overall GDP in the Eurozone could grow by only 1%. The global recessionary environment has forced airlines, contract logistics, and maritime shipping companies to find ways to shore up their financial positions in 2009, while...
Companies mentioned in this report are:
- Deutsche Lufthansa AG
- British Airways PLC
- Stena AB
- PostNL N.V.
- Stagecoach Group PLC
- Nobina AB
- FirstGroup PLC
- Deutsche Post AG
- Ship Finance International Ltd.
- Logwin AG
- CEVA Group PLC
- Navios Maritime Holdings Inc.
- SAS AB
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.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Deutsche Lufthansa AG
- British Airways PLC
- Stena AB
- PostNL N.V.
- Stagecoach Group PLC
- Nobina AB
- FirstGroup PLC
- Deutsche Post AG
- Ship Finance International Ltd.
- Logwin AG
- CEVA Group PLC
- Navios Maritime Holdings Inc.
- SAS AB
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