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Rating Action:

Moody's changes Logwin outlook to negative

24 Nov 2008
Moody's changes Logwin outlook to negative

Approximately EUR 130 million of rated debt affected

Milan, November 24, 2008 -- Moody's Investors Service has today affirmed Logwin AG Corporate Family Rating (CFR) of B2 and the senior subordinated rating of Caa1 on the EUR 130 million notes due in 2012 but changed the outlook to negative from stable. The action was prompted by weakening company's operating profitability so far this year and by Moody's concerns on deteriorating market conditions in the broader logistic industry.

"The rating action takes into consideration the company's thin operating margins that allow for modest absorption to potential shocks in the market at time when market conditions remain unsettled, and reflects Moody's view that the logistic segment in general might experience a period of soft demand while Logwin remains exposed to specific industry sectors that are also going through difficult trading conditions", said Paolo Leschiutta a Moody's Vice President - Senior Analyst and responsible for Logwin. "Moody's recognises the progress made by the company over the last few quarters in improving its financial profile, thanks to strict control on cash generation achieved through tight working capital management and rigid investment policies, however the rating agency notes the modest deterioration in operating margins during the current FY ending December 2008 that is likely to result in weaker credit metrics than previously anticipated", continued Mr. Leschiutta.

During the first nine months of FYE December 2008, despite a modest increase of revenues of 2.9%, the company reported a drop in EBIT pre exceptional of 17.1% corresponding to a reduction in EBIT margin, as measured by the company, to 1.6% over the period, compared to 2% the year before. Operating performances in the Solutions divisions were particularly affected as the company remains exposed to the Automotive, Fashion, Media and Consumer Goods segments that are all experiencing tough trading conditions, with currently modest outlook for recovery. Moody's however, also recognises the continued growth experienced by the Air + Ocean and Road + Rail divisions, that partially compensate for difficulties in the Solution division, although warns that trading over recent weeks has become more difficult while operating margins in the Road + Rail remains at break even level.

"The negative outlook reflects Moody's expectations that market conditions are likely to remain subdued over the short term and that weak demand resulting in under utilisation of main Logwin warehouses is likely to result in weakening credit metrics". Logwin's B2 Corporate Family Rating reflects the group solid market position, the good business diversification and the adequate liquidity profile, although reliant on bank support to renew the 364-day credit lines. However, the rating also reflects the exposure to the Fashion, Media and Automotive sectors, the relatively high customers' concentration and the fact that thin operating margins allow for modest flexibility to adapt to changing market conditions. Although key credit metrics are expected to remain within the current rating category, the Corporate Family Rating could be downgraded in case of further erosion in operating performance below current level or in case of a change in Moody's perception of current market conditions. The rating could also be downgraded in the case of financial leverage increasing towards 6x, a deterioration in the company's liquidity profile and/or a contraction of the company interest coverage, measured as EBIT/Interest towards 1x.

The last rating action on Logwin was on 16 July 2007, when Moody's affirmed the B2 Corporate Family Rating and changed the outlook from negative to stable.

Ratings affirmed today are the following:

- Logwin Corporate Family Rating and Probability of Default Rating of B2;

- The Senior Subordinated Caa1 (LGD6, 90%) rating on the EUR 130 million notes due 2012;

The outlook is negative.

Based in Luxembourg, Logwin AG (ex Thiel Logistik A.G.) is a medium-sized provider of specialist and traditional logistics services, operating primarily in Germany and Austria but also in Eastern Europe and Asia (mainly China). The group specialises in providing entire supply chain logistics services and solutions, including (1) overland road, rail, air transportation and sea freight services; (2) warehousing and supply chain management; and (3) design and execution of customized logistics solutions.

Milan
Paolo Leschiutta
Vice President
Corporate Finance Group
Moody's Investors Service
Telephone:+39-02-9148-1100

Paris
Myriam Durand
Managing Director
Corporate Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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