Summary: Thiel Logistik AG Dec 06
- ID: 1807013
- December 2006
- Standard & Poors
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, media, and furniture. 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 Deutsche Post AG (A/Negative/A-1), TNT N.V. (A-/Negative/A-2), Stinnes (not rated), and Kuehne & Nagel (not rated). There is a risk that larger competitors could put pressure on midsize players such as Thiel...
Companies mentioned in this report are: Logwin AG
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