E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/19/2012 in the Prospect News Investment Grade Daily.

S&P: UPS remains on watch

Standard & Poor's said it is keeping its ratings on United Parcel Service Inc. on CreditWatch with negative implications, following UPS' announcement that it has reached an agreement to acquire TNT Express NV for an estimated $6.77 billion.

The agency originally placed the UPS ratings on CreditWatch with negative implications on Feb. 17 after UPS acknowledged that it had made a proposal to acquire TNT Express.

"We believe the transaction will enhance UPS' business profile by bolstering its position in Europe and providing it with growth opportunities in other international markets where it currently has limited presence," said S&P credit analyst Lisa Jenkins in a news release.

"However, we are concerned that the transaction will result in credit metrics that no longer support our current ratings," Jenkins said.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.