Industry Report Card: The Global Trading Slowdown Is Weighing On European Transportation Firms' Ratings Jul 09
Standard & Poors, July 2009
Abstract
A sharp fall in transport trade volumes in the wake of the economic downturn has weakened the credit quality of rated European transportation companies over the past six months, in Standard & Poor's Ratings Services opinion. The outlook for the second half of 2009 appears bleak, with further rating deterioration likely. According to the International Air Transportation Association (IATA), airline passenger numbers on international markets were down 10% and passenger numbers overall were down 8% in the first quarter ended March 31, 2009. In logistics, air-freight volumes were down about 20%, according to IATA, and ocean container shipment fell by 16% in first-quarter 2009 year on year. In the shipping industry, the container segment has reported a 10-year low in...
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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