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Australian Postal Corp. Apr 03
Standard & Poors, April 2003
Abstract
Legislated monopoly in core letters delivery; Strong market position in areas open to competition due to strong brand name and extensive retail and distribution network; Strong financial performance; and Mildly supportive relationship with government owner. Core letters business unlikely to generate much revenue growth. The ratings on Australian Postal Corp. (Post) reflect its dominant market position, its success in developing new businesses that are open to competition, and its extremely strong financial profile. Government ownership imposes some financial burdens on the corporation, but government ownership generally reinforces confidence in the company's stability. Post has a dominant position in the provision of traditional postal services, with about 50% of Post's revenue protected by a legislated monopoly, although electronic substitution for mail...
Companies mentioned in this report are: Australian Postal Corp.
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 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: Full Analysis
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