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S&P boosts TUI
S&P said it upgraded its ratings for TUI AG and its debt to B- from CCC+.
“TUI launched a €1.1 billion capital increase that will bolster its liquidity ahead of the winter tourist season, which see as a step to address the group's highly leveraged capital structure, given the proceeds would be used to repay debt,” the agency said in a press release.
“We expect bookings will continue to ramp up, supported by pent-up consumer demand and the effects of the vaccine campaigns. TUI's bookings for the summer season (June to October) reached 5.2 million by early October, showing a strong uptick in the last few weeks. Yet capacity remains 50%-60% of FY2019 capacity, hampered in particular by the U.K. government's traffic light system that limited U.K. departures,” S&P added.
S&P said it sees does not see the leisure hospitality travel industry returning to normal before 2023.
The outlook is stable.
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