Moody’s affirms TUI

Moody's Investors Service said it affirmed the Ba2 corporate family rating, the Ba2-PD probability of default rating and the Ba2 senior unsecured rating of TUI AG.

Concurrently, TUI's outlook remains positive.

“Our decision to affirm TUI's rating and maintain its outlook reflects our view that the group's business model demonstrated resilience to external shocks and structural challenges in fiscal 2018. Despite double-digit earnings decline in the group's tour operator business, which was affected by the prolonged heatwave last summer as well as airline disruption, TUI was able to show solid operating results at the group level thanks to high earnings growth in Hotel & Resorts, Cruises as well as in Destination Experiences,” Vitali Morgovski, Moody's assistant vice president and lead analyst for TUI, said in a news release.

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