S&P gives UPS notes AAA

Standard & Poor's said it assigned its AAA rating to the new Sterling notes being offered by United Parcel Service Inc.

The new notes being offered are up to £517 million in exchange for the company's outstanding £500 million notes due 2031, the agency said.

"UPS' ratings reflect its very strong position in ground parcel-delivery, substantial and consistent earnings and cash flow, conservatively leveraged balance sheet and excellent financial flexibility," said S&P credit analyst Lisa Jenkins.

UPS' focus on improving yields, cutting costs and making more efficient use of capital should help the company maintain its very strong competitive position and financial profile even in a slowing U.S. economic environment, the agency added.

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