Report Card: Equity Market Recovery Takes Pressure Off Rated EMEA Investment And Operating Holding Companies Sep 09

Standard & Poors, September 2009

Abstract
The equity market slump in 2008 and early 2009 had a significant negative impact on several rated investment and operating holding companies in the Europe-Middle East-Africa (EMEA) region. But the worst of the resulting deterioration in credit quality is, in our view, probably behind them. Accordingly, we expect the pace of negative rating actions to ease in the second half of 2009. Negative rating actions in the first half of 2009 were mostly due to a significant decline in asset values, which led to a weakening of asset/debt coverage at several rated holding companies. Equity markets appear to have bottomed out and have even strengthened in recent months. Although it is probably too early to say the downturn has ended,...

Companies mentioned in this report are: Investor AB,Industrivarden AB,EXOR SpA,Franz Haniel & Cie GmbH,L E Lundbergforetagen AB,Bouygues S.A.,Wendel,CIR-Compagnie Industriali Riunite SpA,Kuwait Projects Co. (Holding) K.S.C.,Marfin Investment Group Holdings S.A.,OYAK (Ordu Yardimlasma Kurumu),Dubai Holding Commercial Operations Group LLC,ETA Group,CaixaBank S.A.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Investor AB,Industrivarden AB,EXOR SpA,Franz Haniel & Cie GmbH,L E Lundbergforetagen AB,Bouygues S.A.,Wendel,CIR-Compagnie Industriali Riunite SpA,Kuwait Projects Co. (Holding) K.S.C.,Marfin Investment Group Holdings S.A.,OYAK (Ordu Yardimlasma Kurumu),Dubai Holding Commercial Operations Group LLC,ETA Group,CaixaBank S.A.

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