|
|
 |
|
Viewing report
|
|
|
|
Campofrio Food Group S.A.
Standard & Poors, Dec 2009
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
Abstract
Largest meat processor in Europe with leading positions in various countries. Large scale of operations and ownership of a slaughterhouse that somewhat mitigate supplier pressure. Diversified portfolio balancing strong local brands and private label products. Positive free cash flow generation. High leverage. Limited operating track record as a single entity after the December 2008 merger. Exposure to commodity price swings, especially livestock and fodder costs. High customer concentration. The rating on Spanish meat processor Campofr-o Food Group S.A. (CFG) is constrained in Standard & Poor's Ratings Services' view by the company's high financial leverage. In addition, the company's limited operating track record as a recently merged entity (resulting from the December 2008 merger of Groupe Smithfield and Campofr-o Alimentaci-n S.A.)...
Companies mentioned in this report are: Campofrio Food Group S.A.
Action: Review
|
|
|
|
