UPS’s Long Term Credit Rating Goes Down
December 20, 2007 – 8:40 pmThe long term credit rating of United Parcel Service was cut from the highest level by Moody’s Investors Service because of added debt to leave a Teamsters’ pension fund and weakening demand for freight shipments. The company’s senior unsecured rating falls two steps to Aa2 from Aaa, affecting $2.5 billion in debt, Moody’s said in a statement today. The change follows a review that began Oct. 1, when UPS had been among eight non-financial companies to hold the top rating from both Moody’s and Standard & Poor’s.