Industry Report Card: Dark Skies, Choppy Waters Ahead For Asia-Pacific Transportation Companies Apr 09
Standard & Poors, April 2009
Abstract
The creditworthiness of transportation companies in the Asia-Pacific region has come under increased downward pressure over the past several months amid a significant slowdown in transport volume and heightened pricing pressure. These problems are particularly acute for airlines and shipping companies. Although cost pressures relating to soaring fuel prices have eased, a sharp decline in demand for both passenger and cargo transport resulting from the global economic downturn is proving to be an even stronger risk factor in terms of credit quality. Also, some players are experiencing difficulty in obtaining short-term funding as a result of ongoing turmoil in the financial markets. In sum, as the business climate surrounding regional transportation companies is beset by uncertainty, Standard & Poor's Ratings...
Companies mentioned in this report are: MTR Corp. Ltd.,Qantas Airways Ltd.,East Japan Railway Co.,Kowloon Canton Railway Corp.,Kawasaki Kisen Kaisha Ltd.,Mitsui O.S.K. Lines Ltd.,MISC Berhad,Kowloon Motor Bus Co. (1933) Ltd.,Japan Airlines Corp.,Wan Hai Lines Ltd.,NCL Corp. Ltd.,Star Cruises Ltd.,Pacific International Lines (Pte.) Ltd.,PT Arpeni Pratama Ocean Line Tbk.,PT Berlian Laju Tanker Tbk.,BW Group Ltd.
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.
MTR Corp. Ltd.,Qantas Airways Ltd.,East Japan Railway Co.,Kowloon Canton Railway Corp.,Kawasaki Kisen Kaisha Ltd.,Mitsui O.S.K. Lines Ltd.,MISC Berhad,Kowloon Motor Bus Co. (1933) Ltd.,Japan Airlines Corp.,Wan Hai Lines Ltd.,NCL Corp. Ltd.,Star Cruises Ltd.,Pacific International Lines (Pte.) Ltd.,PT Arpeni Pratama Ocean Line Tbk.,PT Berlian Laju Tanker Tbk.,BW Group Ltd.
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