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Summary: TUI AG Nov 11 Product Image

Summary: TUI AG Nov 11

  • Published: November 2011
  • Standard & Poors

Abstract
The ratings on German tour operator TUI AG reflect Standard & Poor's Ratings Services' view of its highly leveraged financial risk profile, significant debt maturities over the next 12 to 18 months compared with its capacity to generate cash, and its large minority position in its 35% owned (56% voting control) and fully consolidated key subsidiary TUI Travel PLC. The ratings also reflect our view of TUI's weak business risk profile, owing to the seasonality and cyclicality of tourism, which faces ongoing margin pressures, threats to discretionary consumer spending in some markets, and high event risks. TUI's market-leading position in European tourism and geographically well diversified sales only partly offset these weaknesses, in our view. TUI now consolidates its 38%...

Companies mentioned in this report are: TUI AG,Hapag-Lloyd Holding AG
Action: Review

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 READ MORE >

TUI AG,Hapag-Lloyd Holding AG

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