Rating agency Moody's reviews credit ratingBonn, 06/21/2003, 11:30 AM CEST
The rating agency Moody's Investor Service has downgraded Deutsche Post World Net's credit rating for long-term debt by one level from Aa3 to A1 and left it on the observation list with 'negative outlook'. The short-term credit rating of P-1 was confirmed.
The reason for the rating agency's decision is, amongst others, that the planned purchase of Airborne is viewed as being an additional risk. This contrasts with the rating agency Standard & Poor's which only recently valued exactly this acquisition as being a positive step in strengthening the market position.
In Deutsche Post's opinion the Group is reaching important strategic objectives with the purchase of Airborne. The take-over allows Deutsche Post to extend its market share in the U. S. A. and to position itself well in the world's most important express market. The resulting growth potentials will generally further strengthen the company's earning power. Even after purchasing Airborne the Group will have a comparatively low level of debt and an extremely solid capital structure.