The B+ first-time issuer rating is mainly driven by Trans-Sped’s operations in the transportation and logistics sector which we assess as highly cyclical and highly competitive with low barriers to entry, low profit margins and a highly fragmented landscape. Due to the asset intense operations, Trans-Sped is subject of rather low capital returns and slightly increased net debt/EBITDA ratios. Nevertheless we value Trans-Sped’s track-record of positive, yet rather weak, earnings and the overall adequate capital structure. The rating is expected to remain stable over the next twelve months.
|13.11.2019||B+ / stabil|