Issuer Ranking: European Investment Holding Companies, Operating Holding Companies, And Diverse Conglomerates, Strongest To Weakest Apr 09

Standard & Poors, April 2009

Abstract
Industrial conglomerates are companies that are involved in several industry sectors, with the business aim of increasing shareholder value by generating profits and cash flow from their industrial activities. Investment holding companies, on the other hand, may be equally diverse, but often own mainly minority stakes in companies, with the business aim of increasing shareholder value by buying and selling assets and realizing capital gains. While the traditional business risk and cash flow-based model is applicable for industrial conglomerates, with due consideration made for the diversification of operations, the analysis of investment holding companies is primarily geared toward an evaluation of their financial flexibility, in particular their ability to sell assets at short notice. Operating holding companies are neither pure...

Companies mentioned in this report are: Investor AB,Industrivarden AB,EXOR SpA,Franz Haniel & Cie GmbH,L E Lundbergforetagen AB,Bouygues S.A.,Wendel,CIR-Compagnie Industriali Riunite SpA,Kuwait Projects Co. (Holding) K.S.C.,OYAK (Ordu Yardimlasma Kurumu),Saad Trading, Contracting and Financial Services Co. ,Dubai Holding Commercial Operations Group LLC,Saad Group,ETA Group,Renova Holding Ltd.

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.

Investor AB,Industrivarden AB,EXOR SpA,Franz Haniel & Cie GmbH,L E Lundbergforetagen AB,Bouygues S.A.,Wendel,CIR-Compagnie Industriali Riunite SpA,Kuwait Projects Co. (Holding) K.S.C.,OYAK (Ordu Yardimlasma Kurumu),Saad Trading, Contracting and Financial Services Co. ,Dubai Holding Commercial Operations Group LLC,Saad Group,ETA Group,Renova Holding Ltd.

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