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Issuer Ranking: European Consumer Goods Industry, Strongest To Weakest Dec 10 Product Image

Issuer Ranking: European Consumer Goods Industry, Strongest To Weakest Dec 10

  • ID: 1714135
  • December 2010
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • AB Electrolux
  • Coca-Cola HBC AG
  • FAGE International S.A
  • Kering S.A.
  • R&R Ice Cream PLC
  • SABMiller PLC
  • MORE

Abstract
We maintain a stable mid-term rating view on the European consumer goods industries. We remain mindful, however, of the sluggish macroeconomic outlook for 2011, especially for the eurozone. Furthermore, we acknowledge the incipient rise in unemployment and the continuing volatility of commodities and currencies worldwide. We consider the uncertain balance between pricing and volumes to be a principal short-term risk to profitability in consumer goods manufacturing at present, particularly in the food, beverage, and household and personal care segments. This is because economies of scale are important to offset high marketing and distribution costs, while the combination of relatively low unit prices and short shelf-life limits the efficiency of stockpiling. For that reason, we consider product category leadership to be...

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.

- British American Tobacco PLC
- Nestle S.A.
- Reckitt Benckiser PLC
- Unilever PLC
- Swedish Match AB
- LVMH Moet Hennessy Louis Vuitton S.A.
- AB Electrolux
- Danone
- SEB S.A.
- Roquette Freres
- Henkel AG & Co. KGaA
- Imperial Tobacco Group PLC
- FAGE International S.A
- Kering S.A.
- Diageo PLC
- Remy Cointreau S.A.
- Head N.V.
- Tate & Lyle PLC
- Agrokor d.d.
- Barry Callebaut AG
- Coca-Cola HBC AG
- Anheuser-Busch InBev S.A./N.V.
- Concern Kalina (JSC)
- L'Oreal S.A.
- Wimm-Bill-Dann Foods OJSC
- Safilo SpA
- SABMiller PLC
- Suedzucker AG
- BSH Bosch und Siemens Hausgeraete GmbH
- Foodcorp (Proprietary) Ltd.
- Pernod Ricard S.A.
- Central European Distribution Corp.
- Anadolu Efes Biracilik ve Malt Sanayii AS
- Tereos Union de Cooperatives Agricoles a Capital Variable
- Philip Morris International Inc.
- Campofrio Food Group S.A.
- R&R Ice Cream PLC
- Iglo Foods Holdings Ltd.

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