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S&P: UPS still on watch
Standard & Poor's said its ratings on United Parcel Service Inc. remain on CreditWatch with negative implications, where they were placed on Feb. 17.
According to S&P, UPS announced plans to finance its acquisition of TNT Express NV with $5 billion of cash and $1.8 billion of debt. It also announced plans to repurchase $1.5 billion of shares in both 2012 and 2013.
"We believe the transaction will enhance UPS' business profile by bolstering its position in Europe and providing it with growth opportunities in other international markets where it currently has limited presence," said S&P credit analyst Lisa Jenkins in a news release. "However, the transaction will initially cause a deterioration in credit metrics."
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