Credit Rating

Credit ratings represent an independent and current assessment of a company’s credit standing. In addition to a quantitative analysis of the annual report and appropriate planning data, they also take into account qualitative factors such as industry-specific features and the company’s market position and range of products and services. The following table shows Deutsche Post DHL Group`s current credit ratings and the underlying factors.

Current ratings of Deutsche Post DHL Group

Rating	Fitch Ratings	Moody's Investors Service
Long-term Short-term Outlook	BBB+ F2 stable	A3 P-2 stable

Research	30 August 2017 PDF (49 KB)	11 September 2017 PDF (1.2 MB)
Update

Rating factors	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
Rating factors	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

Rating definitions	PDF (372 KB)	PDF (1.2 MB)
Homepage Rating agency	www.fitchratings.com	www.moodys.com