Research Update: TUI Lowered To 'B-' On New Shipping Investments; Ratings Still On CreditWatch Negative Pending Hapag-Lloyd Refinancing Jul 09

Standard & Poors, July 2009

Abstract
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: Downgraded
Action: On CreditWatch:Negative

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.

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.

TUI AG

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