Industry Report Card: Creditworthiness Of EMEA Consumer Goods Companies Will Run Up Against Difficult Operating Environment As Upturn Ends Apr 11
Standard & Poors, April 2011
Abstract
Consumer goods companies in Europe, the Middle East, and Africa (EMEA) are going to have to walk a fine line this year if they are to maintain credit quality, in Standard & Poor's Ratings Services' view. Consumer confidence continues to suffer from unemployment risk and rising food and utility costs, and manufacturers will face sluggish sales, sticky pricing, and increasing raw material costs. We believe that the EMEA consumer goods companies we rate started the year with stable capital structures and continuing positive cash flow generation, which should protect credit quality in the face of more challenging operating conditions. (Watch the related CreditMatters TV segment titled, "European Consumer Goods Companies Face Hurdles Despite Ratings Stability," dated April 13, 2011.) The...
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.
- Unilever PLC
- Swedish Match AB
- LVMH Moet Hennessy Louis Vuitton S.A.
- Electrolux AB
- Danone
- SEB S.A.
- Roquette Freres
- Henkel AG & Co. KGaA
- Imperial Tobacco Group PLC
- FAGE International S.A
- PPR S.A.
- Diageo PLC
- Remy Cointreau S.A.
- Head N.V.
- Tate & Lyle PLC
- Premier Foods PLC
- Agrokor d.d.
- Barry Callebaut AG
- Coca-Cola HBC AG
- Anheuser-Busch InBev N.V./S.A.
- Concern Kalina (JSC)
- L'Oreal S.A.
- Wimm-Bill-Dann Foods OJSC
- 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
- Reckitt Benckiser Group PLC
- Philip Morris International Inc.
- Campofrio Food Group S.A.
- R&R Ice Cream PLC
- Bakkavor Group ehf
- Iglo Foods Holdings Ltd.
- Mriya Agro Holding PLC
- Ontex IV S.A.
- Safilo Group SpA
- Safilo SpA
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