Moody’s upgrades TUI, debt to Ba2

Moody's Investors Service said it upgraded TUI AG's corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD and senior unsecured rating to Ba2 from Ba3.

The outlook on the ratings was changed to stable from positive.

"Our decision to upgrade TUI's ratings reflects the company's strong operating performance in fiscal year 2014-15 and Q1 of the current fiscal year, as well as its continued resilience to geopolitical events. The upgrade also considers the progress made in the merger with TUI Travel Plc and ongoing improvements in TUI's financial profile," Sven Reinke, Moody's vice president, senior credit officer and lead analyst for TUI, said in a news release.

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