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S&P Credit Research1574 word report
published Jun 19, 2009
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S&P Credit Research
| Abstract: | The rating on Germany-based postal service provider Deutsche Post AG (DP) reflects the group's strong business risk profile, supported in particular by its cash-generative Mail business, its predominant position as a global integrated logistics provider, and its intermediate financial profile. These strengths are, in our view, partly offset by DP's participation in competitive markets. Specifically, the group has exposure to cyclical demand pressures, weak profitability relative to its peers, and structural volume decline in its domestic mail operations. DP's businesses are suffering from the effects of declining global trading volume and reduced demand for integrated logistics services as a result of the economic downturn. In the first quarter ended March 31, 2009, revenues fell by 12.9% to €11.5 billion and
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Deutsche Post AG Publication date: 19-Jun-2009 Primary Credit Analyst: Leigh Bailey, London (44) 20-7176-3780; leigh_bailey@standardandpoors.com Secondary Credit Analyst: Eve Greb, Frankfurt (49)...
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| Report Type: | Summary
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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
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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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