FRANKFURT (Standard & Poor's) March 19, 2007--Standard & Poor's Ratings Services said today it 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 U.K. antitrust authorities and First Choice shareholders, and is expected to be closed later in the year. "We consider that the transaction...
Companies mentioned in this report are: TUI AG
Action: On CreditWatch:Negative
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