New York, April 07, 2015 -- Moody's Investors Service ("Moody's") affirmed the ratings of FedEx Corporation ("FedEx") -- Baa1 senior unsecured, the P-2 short term and on the Pass Through Certificates. Moody's changed the ratings outlook to negative from stable following FedEx's announcement that it intends to make an all-cash public offer of EUR4.4 billion (US$ 4.8 billion) to acquire TNT Express N.V. ("TNT Express", Baa2 negative). FedEx plans to fund the acquisition by utilizing available cash and through issuing new debt.
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