Credit Rating

Long-term

Short-term

Outlook

BBB+
F2
stable

A3
P-2
stable

Research

11 September 2017 PDF (1.2 MB)

• Balanced business risk profile
• Stable contribution of core mail products 
  
• Growth in internet-led parcel volumes
• Strong position in global time-definite express services with continued growth and margin improvement
• Fairly stable credit metrics and adequate liquidity

• Scale and global presence as the world’s largest logistics company
• Large and robust mail business in Germany

• Expectations of progressive improvement in profitability through its network investments and restructuring programmes

• Adequate financial metrics, conservative financial policy and excellent liquidity profile

• Structural mail volume decline in the Post - eCommerce - Parcel division due to secular changes in the industry
• Exposure to global market volatility and competitiveness through the DHL divisions

• Challenging and competitive market conditions
• Exposure to global macroeconomic trends in the logistics businesses
• Structural decline of traditional postal services
• Ongoing turnaround initiatives for Global Forwarding, Freight