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Air Cargo Sector Contracts, Postal Sectors Continue to Deliver Sep 01
Standard & Poors, Sep 2001
Abstract
Global airfreight demand contracted sharply in the beginning of 2001 and has remained weak throughout 2001. (See chart 1 for a trendline analysis of U.S. air import weight from 1990-2001). The tragic events of Sept. 11, 2001, will likely worsen this trend for many air freight sectors. The operations of U.S.-based parcel express companies rapidly recovered from the impact of the recent tragic events. However, a further weakening in the U.S. economy due to these events is expected to further pressure volumes, particularly express volumes, and how quickly volumes return to pre-attack levels is unknown. This is not expected to lead to immediate rating actions, but in some cases prolonged weak financial performance or significant leveraged share repurchases could pressure...
Companies mentioned in this report are: Menlo Worldwide Forwarding Inc.,La Poste,Evergreen International Aviation Inc.,Australian Postal Corp.,Atlas Air, Inc.,New Zealand Post Ltd.,FedEx Corp.,PostNL N.V.,United Parcel Service Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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