Logwin AG http://www.alacrastore.com/company-snapshot/Logwin_AG-2503457 Thursday, August 21, 2008 5:56:57 PM 2503457 Logwin AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/637589spcred/637589normThe latest Summary from S&P3/20/2008 10:41:49 AMSummary175global637589LuxembourgAir Freight & LogisticsEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationSummaryThe ratings on Luxembourg-based logistics services provider Thiel Logistik AG reflect the group's midsize position in the highly fragmented, cyclical, and competitive logistics market; the regional and relatively modest scope of its operations; modest margins; and high financial leverage. The ratings benefit from Thiel's good positions in certain specialist markets, such as German fashion and media. Thiel has annual revenues of €2.0 billion and some good niche market positions. The group faces competition, however, from a number of larger players in the European logistics sector, including DHL, which belongs to Deutsche Post AG, (A-/Negative/A-2); CEVA Group PLC (B/Negative/--); Schenker, owned by Deutsche Bahn AG (AA/Negative/A-1+); and Kuehne&Nagel AG (not rated). There is a risk that larger competitors couldLUX20301010 203010 2030 20Thiel Logistik AG383858EUROMIDAFRTGH@GRSUMMARYGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_807982235moodys/COP_807982235htmlGlobal Credit Research Credit Opinion ## APR #### Credit Opinion: Logwin AG Logwin AG Luxembourg Ratings Category Moody's Rating Outlook Stable Corporate Family Rating B# Senior Subordinate -Dom Curr Caa#/LGD# Contacts Analyst Phone...1/3/2008 8:20:00 PMhtmlLogwin AGLogwin AG807982235150.0000NewsCredit OpinionCOP_807982235Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616355spcred/616355normThe latest Summary from S&P11/30/2007 10:52:00 AMSummary175global616355LuxembourgAir Freight & LogisticsEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationSummaryThe ratings on Luxembourg-based logistics services provider Thiel Logistik AG reflect the group's midsize position in the highly fragmented, cyclical, and competitive logistics market; the regional and relatively modest scope of its operations; modest margins; and high financial leverage. The ratings benefit from Thiel's good positions in certain specialist markets, such as German fashion and media. Thiel has annual revenues of about €1.9 billion and some good niche market positions. The group faces competition, however, from a number of larger players in the European logistics sector, including DHL, (which belongs to Deutsche Post AG, A-/Negative/A-2), Ceva Group PLC (B/Negative/--), Schenker (owned by Deutsche Bahn AG; AA/Negative/A-1+), and Kuehne&Nagel. There is a risk that larger competitors could put pressureLUX20301010 203010 2030 20Thiel Logistik AG383858EUROMIDAFRTGH@GRSUMMARYGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616352spcred/616352normThe latest Full Report from S&P11/30/2007 10:52:00 AMFull Report400global616352LuxembourgAir Freight & LogisticsEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationFull ReportLeading sector positions for contract logistics in fashion and media in the German market Reasonable diversity within customer base Regional, narrow focus concentrated on three main Western European countries Highly fragmented and competitive markets Historically weak earnings and cash generation compared with major peers High financial leverage The ratings on Luxembourg-based logistics services provider Thiel Logistik AG reflect the group's midsize position in the highly fragmented, cyclical, and competitive logistics market; the regional and relatively modest scope of its operations; modest margins; and high financial leverage. The ratings benefit from Thiel's good positions in certain specialist markets, such as German fashion and media. Thiel has annual revenues of about €1.9 billion and some good niche market positions. The group facesLUX20301010 203010 2030 20Thiel Logistik AG383858EUROMIDAFRTGH@GRFULLGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Research