Research Update: Germany-Based Tour Operator TUI Outlook Revised To Positive On Improving Financial Performance; 'B-' Rating Affirmed Nov 12
- Language: English
- Published: November 2012
On March 19, 2007, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating and related issue ratings on Germany-based tourism and shipping group TUI AG (TUI) on CreditWatch with negative implications. This follows the announced merger of its tour operator business with U.K.-based tour operator First Choice Holidays PLC (First Choice), which will increase the group's exposure to the highly volatile travel industry. It also reflects publication of TUI's full-year 2006 financial results, which are below par for the current ratings. The announced merger is subject to the approval of EU antitrust authorities and First Choice shareholders, and is expected to be closed later in the year. We consider that the transaction will increase the group's exposure...
Companies mentioned in this report are: TUI AG
Action: On CreditWatch:Negative
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.