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Buzzi Unicem Rated 'BBB/A-3'; Subsidiary Dyckerhoff Short-Term Rating Lowered To 'A-3'; Outlooks Negative
Standard & Poors, Nov 2009
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Italian heavy materials producer Buzzi generates sustainable cash flow and has a satisfactory business risk profile. The group has significant exposure to Eastern Europe, where volume declines have been steep and rapid. We are assigning a corporate credit rating of 'BBB/A-3' to Buzzi. In addition, we are affirming the long-term rating on Buzzi subsidiary Dyckerhoff at 'BBB' and lowering the short-term rating to 'A-3'. The negative outlook on Buzzi and Dyckerhoff reflects our view that the Buzzi group's credit metrics will likely remain weak. LONDON (Standard & Poor's) Nov. 13, 2009--Standard & Poor's Ratings Services said today that it assigned its 'BBB' long-term and 'A-3' short-term corporate credit rating to Italian-based heavy material manufacturer Buzzi Unicem SpA (Buzzi). The outlook...
Companies mentioned in this report are: Buzzi Unicem SpA
Action: New Rating
Action: Outlook: Negative
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