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 Standard & Poor's
February 2017 – Standard & Poor's upgraded its long-term corporate credit rating on TUI from BB- to BB; Outlook “stable”.
S&P’s rating upgrade appreciates TUI's enhanced business risk profile, reflecting TUI’s resilience against negative external events, its strengthened product and geographic diversification in the recent years, and its steadily improving operating margins.
Latest Update Moody's
February 2019 – Moody’s changes outlook on TUI AG’s corporate family rating from positive to stable.
TUI's rating reflects the company's leading market positions, with earnings that have remained largely resilient to external shocks and structural challenges of the tourism industry. TUI continues to adapt its business model away from a classic tour operator to an integrated provider of holiday experiences. Its earnings benefit from the reinvestment of €2 billion asset disposals into new hotels and cruise ships, diversifying TUI's portfolio and making it less cyclical and seasonal. While the market outlook for 2019 is becoming increasingly challenging, underpinned by TUI's profit warning in early February 2019, the long-term prospects for the travel industry remain favourable. Furthermore, the group's solid liquidity helps in dealing with market headwinds and managing the high seasonality of its working capital.