Creditor Relations

Current credit ratings

A credit rating provides a neutral, current appraisal of a company's creditworthiness. As well as a quantitative analysis of the annual report and corresponding projections, qualitative factors such as industry specifics, the market position and the company's product/service portfolio are also taken into account. Our Group's creditworthiness is continuously reviewed by the international rating agencies: Standard & Poor's and Moody's Investors Service.

• Standard & Poor's has issued a long-term credit rating of BBB+ for our Group's ability to meet its financial commitments, which it regards as appropriate.
• Moody's gave us a corresponding Baa1 rating.

This means that Deutsche Post DHL is well positioned in the transport and logistics sector.

Deutsche Post DHL's current credit ratings
Rating agency	Standard & Poor's	Moody's Investors Service
Rating	Long-term: BBB+ Short-term: A−2 Outlook: stable	Long-term: Baa1 Short-term: P−2 Outlook: stable
Report	9 July 2010 ( PDF)	2 July 2010 ( PDF)
Rating factors	Global network, with leading market positions in international European and Asian express delivery services Dominant position in the German mail market supports Group cash flow generation Global number one integrated logistics provider	Scale and global presence as one of the largest logistics companies in the world Large and relatively robust mail business Plan to increase profitability while reducing capital intensity as outlined in the successfully completed Roadmap to Value capital markets programme
Rating factors	Regulatory risk and structural volume decline in the mail business Below-par profitability of businesses outside domestic mail operations Vulnerability to trading volume declines given high level of operational gearing to support global network	High fixed cost base depresses the operating margin in case of falling business volume in the mail and express business Ongoing pressure on the Mail business Strategic and operational prospects for a downsized US express business in view of the value of the operation for the global network Currently relatively weak credit metrics