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Bayer AG
Standard & Poors, April 2011
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
Strong presence in specialty pharmaceuticals and over-the-counter (OTC) drugs markets. Excellent global market positions in agrochemicals and high-performance plastics. Strong cash flow generation. Strong presence in emerging markets. High-performance plastics and agrochemicals divisions prone to cyclical and seasonal demand weaknesses. Relatively weak exposure to the U.S. pharmaceuticals market. Slower-than-anticipated recovery of debt protection measures after the largely debt-funded acquisition of Schering AG. The ratings on Germany-based pharmaceuticals, polymers, and agrochemicals conglomerate Bayer AG reflect Standard & Poor's Ratings Services' view of the group's strong business risk profile. This arises from the group's sizable presence in pharmaceuticals after the incorporation of German pharmaceuticals company Schering AG in 2006. The ratings also reflect Bayer's excellent market positions in agrochemicals and high-performance plastics....
Companies mentioned in this report are: Bayer AG
Action: Review
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