- Language: English
- Published: October 2012
- Region: Germany
- 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.
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 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 to Nov.30, 2009, Baumarkt's consolidated sales increased by 4.0% to -2.2 billion, driven by good same-store growth of 3.0% in Germany, while same-store sales in other European countries declined by 0.4%, broadly in line with the previous...
Companies mentioned in this report are: Hornbach-Baumarkt-AG,Hornbach Holding AG
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Hornbach-Baumarkt-AG,Hornbach Holding AG