- Published: December 2011
- Region: Global
- Published: January 2006
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Germany-based home-improvement retailer Hornbach-Baumarkt-AG (Baumarkt) reflect its aggressive financial profile and debt coverage ratios, partly mitigated by the company's proven and successful business model, which is well suited to the competitive German do-it-yourself (DIY) market. Total financial debt was -530 million ($638 million) at the end of the first half of its 2005/2006 business year, ended Aug. 31, 2005. Baumarkt is 80%-owned by Hornbach Holding AG, accounting for more than 90% of sales in the fiscal year 2004/2005. Baumarkt's significant debt-financed organic expansion program is positive from a business profile perspective, but is negative for the rating overall, as debt protection measures are below par for the rating. As a consequence of high annual capital spending--far in...
Companies mentioned in this report are: Hornbach-Baumarkt-AG
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