S&P upgrades Logwin to BB-

Standard & Poor's said it raised its long-term corporate credit rating on Logwin AG to BB- from B+.

The outlook is stable.

S&P said the upgrade reflects Logwin's strong operating performance in 2014 and its continued commitment to improving the profitability of Solutions, its specialist contract logistics segment. In fiscal year 2014, Solutions generated €3.6 million of EBIT, well above the negative €5.8 million in 2013. This improvement was partly due to the company's decision to discontinue unprofitable locations and to focus on core activities.

Furthermore, improved trading conditions in its Air & Ocean segment, particularly in sea freight, enabled Logwin to report a solid operating performance in 2014, the agency said. Revenues were €1,129 million, up 7.4% from 2013. Logwin's reported EBIT margin remained weak relative to peers, although it improved to 2.2% from a very low base of 0.7% in 2013.

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