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||Standard & Poor's||Moody's|
Latest Update Moody's
December 2022 – Moody’s affirmed TUI's B3 rating. The outlook has been changed to positive from stable.
The rating action follows the announcement made by TUI on December 13, 2022 of its agreement with the German Economic Stabilization Fund (WSF) to fully repay the stabilization measures granted by WSF through a capital increase. The intended capital increase is expected to improve TUI's credit metrics and strengthen its balance sheet. The proposed repayment agreement also demonstrates TUI's continued commitment to return to historical financial metrics with a gross leverage target of less than 3.0x.
Latest Update Standard & Poor's
February 2023 – Standard & Poor's confirms the 'B-' rating with the addition of a positive CreditWatch.
The CreditWatch reflects S&P's view that TUI will engage in a capital increase over the next six months, the proceeds of which will be used at least to repay at market value its obligations to WSF of a nominal EUR 479m. Depending on the magnitude of the rights issue, S&P could upgrade TUI by at least one notch.