- Published: December 2011
Summary: Hornbach Holding AG
- Published: January 2010
- Standard & Poors
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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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Hornbach Holding AG,Hornbach-Baumarkt-AG