New York, January 16, 2013 -- Moody's Investors Service confirmed its Aa3 Senior Unsecured debt rating assigned to United Parcel Service, Inc. ("UPS"). The ratings confirmation reflects Moody's belief that UPS' current operations will continue to generate significant free cash flow and that the company will remain prudent in managing its cost structure, investment spending and financial profile even as it continues to return incremental funds to shareholders. The rating action follows the company's announcement on January 14, 2013 that it expects the European Commission ("EC") to prohibit its proposed acquisition of TNT Express, N.V. ("TNT", Baa2, rating under review up). Once formalized, the EC's decision will prevent completion of one of the transaction's closing conditions. According to UPS, this will cause it to withdraw its offer. Moody's also affirmed the P-1 short-ratings assigned to UPS and UPS Global Treasury Plc. The short-term ratings had not been under review. The outlook is stable.
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