Global Postal Operators Ready to Deliver on Liberalization Challenge Sep 02

Standard & Poors, September 2002

Abstract
(Editor's note: Two sentences have been added to this article at the end of the section entitled "European Postal Companies Tap the Capital Markets." A corrected version of the article follows.) Postal operators in Europe are facing the transition from operating as monopoly services to competing in more liberalized markets, while those in Australia and New Zealand have done so successfully for quite some time. The liberalization of the postal market, which is in various stages of development worldwide, poses a potential threat to incumbent postal operators. Many postal operators rated by Standard & Poor's, however, are embracing the opportunities that free competition holds for them, in particular by expanding outside their home postal delivery markets. Furthermore, they are looking...

Companies mentioned in this report are:
- La Poste
- Air New Zealand Ltd. (Unsolicited Ratings)
- Australian Postal Corp.
- New Zealand Post Ltd.
- PostNL N.V.
- Poste Italiane Group
- Kiwibank Ltd.
- Deutsche Post AG

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.

- La Poste
- Air New Zealand Ltd. (Unsolicited Ratings)
- Australian Postal Corp.
- New Zealand Post Ltd.
- PostNL N.V.
- Poste Italiane Group
- Kiwibank Ltd.
- Deutsche Post AG

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