Research Update: TUI Lowered To 'B-' On New Shipping Investments; Ratings Still On CreditWatch Negative Pending Hapag-Lloyd Refinancing Jul 09
- ID: 1885822
- July 2009
- Standard & Poors
Germany-based tourism and shipping group TUI has announced it will make an additional cash commitment in support of its associate company Hapag-Lloyd. We are lowering the corporate credit rating on TUI to 'B-' from 'B'. We are maintaining our rating on TUI on CreditWatch negative pending the outcome of further refinancing measures for Hapag-Lloyd. The negative CreditWatch status reflects TUI's weakening liquidity profile and the possible impact on its credit quality of the Hapag-Lloyd refinancing. On July 29, 2009, Standard & Poor's Ratings Services lowered to 'B-' from 'B' its long-term corporate credit rating on German tourism and shipping group TUI AG. At the same time, the senior unsecured debt ratings on TUI were lowered to 'CCC+' from 'B-' and...
Companies mentioned in this report are: TUI AG
Action: On CreditWatch:Negative
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Product Type: Research Update
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