TUI AG Lowered To 'B' On Shipping Market Weakness; All Ratings On CreditWatch Negative Pending Hapag-Lloyd Refinancing Jul 09

Standard & Poors, July 2009

Abstract
-- Weak shipping markets likely to constrain performance at 43%-owned associate Hapag-Lloyd. -- We are lowering to 'B' from 'B+' the corporate credit rating on Germany-based tourism and shipping group TUI and placing it on CreditWatch with negative implications. -- The CreditWatch placement reflects uncertainty surrounding Hapag-Lloyd's future financing. LONDON (Standard & Poor's) July 13, 2009--Standard & Poor's Ratings Services said today that it 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 'B-' from 'B' and the junior subordinated debt rating was lowered to 'CCC' from 'CCC+'. All ratings were placed on CreditWatch with negative implications....

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

TUI AG

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