ICT Spend Predictions in Medium-sized German Educational Institutions - Estimated ICT budget breakdowns in 2013
- Language: English
- Published: May 2013
- Region: Germany
Recent refinancing and shareholder loan repayments by subsidiary TUI Travel PLC have improved Germany-based conglomerate TUI AG's near-term liquidity prospects. TUI also stands to benefit from a stronger performance at shipping associate Hapag-Lloyd AG (HL). However, with only modest proceeds from asset disposals to date, substantial capital still tied up in nonperforming loans to HL, and significant short-term maturities, in our view substantial liquidity uncertainties remain. We are affirming the 'B-' corporate credit ratings on TUI and removing them from CreditWatch with negative implications. The outlook is negative, reflecting our view of TUI's likely dependence on proceeds from further asset sales to maintain adequate liquidity, notably from 2012 onward, as well as TUI's still highly leveraged financial profile and continuing...
Companies mentioned in this report are: TUI AG
Action: Outlook: Negative
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Product Type: Research Update
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