Moody’s boosts TUI

Moody’s Investors Service said it upgraded TUI AG's corporate family rating to B1 from B2 and the probability of default rating to B1-PD from B2-PD.

“The rating action reflects TUI's strong results in fiscal year 2023, leading to sustainable improvement of its credit metrics with a Moody's adjusted leverage of 2.6x in fiscal year-ended September 2023. The company benefited from growth in all segments reflecting continued strong pricing and leisure travel demand, which were stronger than expected during the 2023 summer season,” the agency said in a press release.

Moody’s said it expects TUI’s interest coverage will gradually improve closer to 3x over the next 12 to 18 months.

The outlook remains positive.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.