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Industry Report Card: Global Airfreight, Railroads, Transportation Leasing, and Trucking May 05
Standard & Poors, May 2005
Abstract
North American airfreight companies are continuing to benefit from the favorable economic environment. Small-package express companies are reporting strong demand in the North American and Asian markets, while heavyweight cargo carriers are benefiting from improving commercial demand. European small-package express companies are seeing faster growth rates in the international markets, particularly the Pacific routes, compared to the European domestic markets. This trend will very likely continue in 2005 as Asian economies have significantly higher growth rates than European economies. Within the European markets, Eastern European routes are likely to continue to benefit from increasing economic activity. Strong demand, coupled with a continuing focus on efficiency improvement and yield initiatives, should continue to lead to earnings and cash flow gains for...
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.
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