Logistics Services Provider Logwin 'B' Rating Affirmed, Off CreditWatch After Partial Bond Redemption; Outlook Stable Dec 10

Standard & Poors, December 2010

Abstract
On Dec. 15, 2010, Luxembourg-based logistics services provider Logwin AG completed the redemption of one-half of its -130 million senior subordinated bonds using proceeds from an equity issuance of -40 million and cash balance of -25 million. We are affirming our ratings on Logwin, including the long-term corporate credit rating of 'B', and removing them from CreditWatch positive. The stable outlook reflects our view that Logwin should generate moderate free operating cash flows on the back of the continued recovery of the global economy and associated trading volumes. LONDON (Standard & Poor's) Dec. 23, 2010--Standard & Poor's Ratings Services said today that it affirmed its 'B' long-term corporate credit and 'B-' subordinated debt ratings on Luxembourg-based logistics service provider Logwin...

Companies mentioned in this report are: Logwin AG
Action: Affirmed
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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Logwin AG

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