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S&P Credit Research511 word report
published Sep 12, 2008
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Sept. 12, 2008--Standard&Poor's Ratings Services said today that its rating and outlook on Deutsche Post AG (DP; BBB+/Stable/A-2) remain unchanged following the Germany-based postal service provider's announcement earlier today that it has sold a minority stake of 29.75% in financial services provider, Deutsche Postbank AG (A-/Positive/A-2), to Deutsche Bank AG (AA-/Negative/A-1+). While the sale of this stake will generate disposal proceeds of around €2.8 billion for DP, based on an agreed price of €57.25 per share, we do not expect the group's credit profile to exceed our expectation for the rating. Disposal proceeds afford DP additional financial flexibility, but we expect such proceeds to be a central component of the group's considerations in the
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Deutsche Post '###+' Rating Unchanged By Sale Of Minority Stake In Postbank To Deutsche Bank Publication date: 12-Sep-2008 Primary Credit Analyst: Leigh Bailey, London (44) 20-7176-3780; leigh_bailey@standardandpoo...
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| Report Type: | Bulletin
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| Ticker: | DPW@GR
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| Issuer: | Deutsche Post AG
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| GICS: | Air Freight & Logistics (20301010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | Germany
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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Competitive platform in Mail, Express, Logistics, and Financial Services Mail division has overall stable and significant cash flows for the foreseeable future Mail performance and cash flows provide protection for the group, giving it a solid ...
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The ratings on Germany-based postal service provider Deutsche Post AG (DP) reflect the group's strong business risk profile, supported in particular by its cash-generative Mail business and strong ongoing free cash flow generation. The ratings ...
