S&P puts TUI AG on watch

Standard & Poor's said it placed the BB- long-term corporate credit and issue ratings on TUI AG on CreditWatch with negative implications, following the group's announcement that it will prepare the separation of its container shipping unit Hapag-Lloyd AG from the rest of the business.

According to S&P, the watch reflects expectation of a weakened business profile for the group following the separation. The agency noted, however, that it cannot assess the implications of the separation on TUI's complex financial structure and risk profile.

The agency noted that TUI's liquidity is adequate for the ratings.

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