Moody's: UPS unaffected

Moody's Investors Service said that United Parcel Service, Inc.'s May 3 announcement that it now intends to use less debt to fund its acquisition of TNT Express NV is a favorable credit development, but does not affect its current ratings or review status.

Under its revised plan, UPS will use $5 billion of available cash and only incur about $1.8 billion of new debt. UPS' announcement also revised down guidance for share repurchases in 2012 and 2013, to $1.5 billion from the prior guidance of about $2.5 billion per year, the agency said.

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