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SGS International Inc. Apr 11 Product Image

SGS International Inc. Apr 11

  • Published: April 2011
  • Region: Global
  • Standard & Poors

Abstract
Good market position as one of the largest providers of graphic services; Long-term relationships with major consumer goods companies; and Moderate capital spending requirements. Lack of clear articulation of financial policy; Small cash flow base; and Customers' pressure on pricing given overcapacity in the industry. The 'B+' corporate credit rating reflects SGS International Inc.'s aggressive financial profile, given its ownership by an equity sponsor, and ongoing uncertainty regarding longer-term financial policy. Although the company has shown a commitment to debt repayment, the lack of a clear articulation of financial policy constrains the rating. SGS has a weak business risk profile, in our view, occupying a niche market position in a highly fragmented industry and is subject to pricing pressure. We...

Companies mentioned in this report are:
- SGS International Inc.

Action: Review

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- SGS International Inc.

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