DHL 2014 Annual Report Download - page 60

In September , Moody’s Investors Service (Moody’s) raised our credit rating
from “Baa” to “A” with a stable outlook. e decision was based upon the improved
protability of our Group. For , Moody’s continues to forecast slight economic
growth and is projecting a sustained improvement in the operating environment and
a further increase in protability for Deutsche Post  Group. Our credit quality as
rated by Fitch Ratings has not changed from the rating of “+” with a stable outlook.
Deutsche Post  Group remains well positioned in the transport and logistics
sector with these ratings. e following table shows the ratings as at the reporting date
and the underlying factors. e complete and current analyses by the rating agencies
and the rating categories can be found on our website.
. Agency ratings
Rating factors Rating factors
Fitch Ratings
Long-term: +
Short-term: 
Outlook: stable
• Well-integrated business profile.
• Dominant position in the domestic
mail and parcel market.
• Strong global footprint in the Express,
Global Forwarding, Freight and
SupplyChain businesses.
• Improvements in the financial profile
after the completion of the sale
ofPostbank shares.
• Recovery of the express business’s
profits and market share, offsetting
the challenging macroeconomic
environment.
• Exposure to regulatory and litigation
risks (i. e.,  antitrust and state
aid investigations).
• Structural volume decline in the
Mail division due to secular changes
in the industry (i. e., competition
from electronic communication and
digitalisation).
• High exposure to global market
volatility through the  divisions.
Moody’s Investors
Service
Long-term: 
Short-term:  – 
Outlook: stable
• Scale and global presence as the
world’s largest logistics company.
• Large and robust mail business
inGermany.
• Success in restoring profitability
levelsin the logistics activities and
itsmail business.
• Moderate financial metrics,
conservative financial policy and
sound liquidity profile.
• Exposure to global macroeconomic
trends in the logistics businesses.
• Structural decline of traditional
postalservices.
Liquidity and sources of funds
As at the balance sheet date, the Group had cash and cash equivalents in the amount of
. billion (previous year: . billion) at its disposal. A large portion of this is held
directly by Deutsche Post . Most of the cash is invested centrally on the money mar-
ket. ese central short-term money market investments had a volume of . billion
as at the balance sheet date. Another . billion was invested in short-term money
marketfunds.
dpdhl.com/en/investors
Deutsche Post  Group —  Annual Report
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