- Language: English
- Published: October 2012
- Published: January 2010
- 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.
Research Type: Full Analysis
Strong operating performance despite competitive German do-it-yourself (DIY) market. Leading German operator of large-format superstores. More-than-adequate liquidity profile. Aggressive financial risk profile due to debt-financed expansion in previous years. General seasonality and cyclicality of the DIY industry. The ratings on Germany-based home-improvement retailer Hornbach-Baumarkt-AG (Baumarkt) reflect Standard & Poor's Ratings Services' view of the company's aggressive financial risk profile due to debt-financed expansion program. The ratings also reflect our view of Baumarkt's satisfactory business risk profile, supported by its well-entrenched position in its domestic market and by its proven business model, which is well-suited to the competitive German DIY market. Baumarkt's total financial debt was -423 million as of the third quarter ended Nov. 30, 2009. In the nine months...
Companies mentioned in this report are: Hornbach-Baumarkt-AG,Hornbach Holding AG
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Hornbach-Baumarkt-AG,Hornbach Holding AG
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