- Language: English
- Published: August 2012
Summary: Hornbach Holding AG
- ID: 1711652
- 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 Holding AG (Hornbach) reflect Standard & Poor's Ratings Services' view of the company's aggressive financial risk profile due to its debt-financed organic expansion program. Hornbach typically purchases the real estate for its DIY stores. The ratings also reflect our view of Hornbach's "satisfactory" business risk profile, supported by the well-entrenched position of its largest asset, Hornbach-Baumarkt-AG (Baumarkt; BB/Stable/--), in its domestic market, and by Baumarkt's proven business model, which is well-suited to the competitive German DIY market. Hornbach's total financial debt was -785 million as of the third quarter ended Nov. 30, 2009. In the nine months to Nov. 30, 2009, Hornbach's revenue grew by 4.4% to -2.3 billion. In the same period,...
Companies mentioned in this report are: Hornbach Holding AG,Hornbach-Baumarkt-AG
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