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S&P lifts TUI view to positive
Standard & Poor’s said it revised the outlook on TUI AG to positive from stable.
The agency also said it affirmed the company’s BB- long-term corporate credit rating.
S&P also said it affirmed the BB- ratings on the company’s senior unsecured bank facilities and notes. The recovery rating is unchanged at 3, indicating 50% to 70% expected default recovery.
The outlook revision follows the company’s strong operating performance in fiscal year that ended Sept. 30, 2015, the agency said.
Supported by an increase in customers, prices and occupancy rates, TUI’s revenues rose by 3.6% during the year, S&P added.
The company’s management also has demonstrated its commitment to further improving TUI’s credit metrics, the agency said.
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