Research Update: Kl?ckner Outlook Revised To Positive On Improved Financials; Ratings Affirmed
Standard & Poors, April 2006
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Abstract
On April 28, 2006, Standard & Poor's Ratings Services revised its outlook on Germany-based metal distributor Kl-ckner & Co. International GmbH (Kl-ckner) to positive from stable reflecting improved credit protection measures in the fourth quarter of 2005. At the same time, the 'B+' long-term corporate credit rating and the 'B-' subordinated debt rating on Kl-ckner Investment S.C.A.'s -260 million bond, due 2015, were affirmed. The ratings on Kl-ckner reflect its high leverage, relatively low cash generation, and high level of working-capital intensity. They also reflect the competitive and fragmented nature of the metal-distribution industry. At the same time, Standard & Poor's notes Kl-ckner's good customer, product, and geographic diversification and its position as Europe's leading independent metal distributor. With sales...
Companies mentioned in this report are: Kloeckner & Co. S.E.,Corus Group PLC,ThyssenKrupp AG,Arcelor S.A.
Action: Affirmed
Action: Outlook: Positive
Kloeckner & Co. S.E.,Corus Group PLC,ThyssenKrupp AG,Arcelor S.A.
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