S&P rates Royal Mail BBB

Standard & Poor’s said it said it assigned BBB long-term and A-2 short-term corporate credit ratings to Royal Mail plc.

The outlook is stable.

The ratings reflect an assessment of its anchor rating at BBB-, which is based on its satisfactory business risk and intermediate financial risk profile, S&P said.

The ratings also consider its positive capital structure modifier, which takes it to BBB rating, reflecting an expectation that Royal Mail’s London development portfolio of non-core properties will be monetized over the intermediate term, S&P said.

The company also has been undergoing a modernization and cost-cutting program, which has improved operating efficiency, the agency added.

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