Ratings published by independent rating agencies are a key prerequisite for efficient and flexible access to the capital market. They assist debt capital market investors in evaluating the risk situation of companies and their financial instruments.

Corporate Rating

Corporate Rating Standard & Poor's Moody's 
Long-term B+ B1
Outlook positive


Latest Update Moody's

February 2024 – Moody’s upgrades from 'B2' to 'B1' rating with a positive outlook.

The rating upgrade reflects TUI's strong results in fiscal year 2023, leading to sustainable improvement of its credit metrics including the Moody's adjusted leverage.

The positive outlook reflects Moody's expectation that TUI will sustainably fulfill a set of Moody’s credit metrics targets over the near future.

Latest Update Standard & Poor's

February 2024 - Standard & Poor's upgrades from 'B' to 'B+' rating with a positive outlook.

The rating upgrade is based on higher revenue and reduced leverage of the group and reflects S&P’s view that TUI is in a good position to recover passenger levels and customer reach above 2019 levels. Furthermore, S&P acknowledges TUI’s strategic initiatives as margin accretive.

The positive outlook reflects S&P‘s forecast for significantly improved credit metrics in 2024 and 2025, due to a margin improvement in the group's markets and airlines segments, and a solid recovery in TUI's cruise JV, which leads S&P to the conclusion that dividend payments by the JV could support the group's profitability and cash flow from fiscal 2025 onwards.