Moody's maintains TUI

Moody's Investors Service said maintained TUI AG's long-term corporate family rating at B3, probability of default rating at B3, senior unsecured domestic-currency ratings at Caa1 and junior subordinate domestic-currency ratings at Caa2.

The outlook is stable.

The ratings reflect TUI's leading market positions in its core tourism segment, Moody's said, but the ratings are constrained by the group's still high leverage and the relative complexity of the group structure.

While improving, credit metrics have been impacted by the slow realization of proceeds from the earlier divestment of its container shipping segment, Hapag-Lloyd, in 2009, the agency added.

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