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Industry Report Card: Rough Road Ahead For Asia-Pacific Transportation Companies Dec 09
Standard & Poors, Dec 2009
Abstract
The creditworthiness of transportation companies in the Asia-Pacific region remains under downward pressure amid a significant slowdown in transport volume and intensifying pricing pressure. Standard & Poor's has made seven rating downgrades and three downward outlook revisions or credit watch listings with negative implications over the last six months among regional transportation companies. The recovery prospect in cargo volume looks weak given the fragile global economy. In addition, swine flu has brought another uncertainty over the likelihood of a recovery in passenger demand. Standard & Poor's Ratings Services believes that credit prospects across the industry remain bleak over the next 12-24 months. Due to the harsh economic conditions, passenger and cargo volumes at most airlines in the Asia-Pacific region are...
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.,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.
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