Standard & Poor’s Ratings Services said today that its ratings on FedEx Corp. (BBB/Stable/A-2) are unaffected by the company’s announcement that it has authorized a new share repurchase program of up to 25 million shares following the completion of its previous 15 million share repurchase program. FedEx’s operating performance and cash flow have been improving because of the company’s operating efficiency initiatives, which have strengthened its credit metrics. We believe that these share repurchase programs, along with the upcoming debt related to the company’s approximately $4.8 billion acquisition of TNT Express N.V. (expected in the first half of 2016), will cause FedEx’s funds from operations (FFO)-to-debt ratio to decline to around 30% from 40% during the 12 months ended Nov. 30, 2015. However, this is still above the 25% threshold that we have cited as a trigger for a possible downgrade. We have determined, based solely on the developments described herein, that no rating actions are currently warranted. Only a rating committee may determinea rating action and, as these developments were not viewed as material to the ratings, neither they nor this report were reviewed by a rating committee.