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Buzzi Unicem SpA
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: Full Analysis
Abstract
Good market positions and high barriers to entry. Significant geographic diversity, with a particularly strong presence in Eastern European markets. Healthy overall profitability and sound credit metrics. Substantial exposure to the structurally difficult German market and depressed U.S. and Eastern European markets. Industry cyclicality, heavy capital intensity, and volatile input costs. Deterioration in credit metrics leading to reduced rating headroom. The ratings on Italy's second-largest cement manufacturer Buzzi Unicem SpA (-3.5 billion of sales in 2008) reflect our view of the solid financial structures and satisfactory business risk profiles at Buzzi and its 93.2%-owned subsidiary Dyckerhoff AG (BBB/Negative/A-3). The ratings are underpinned by Buzzi's geographic diversity, good market positions, and healthy operating margins. Additionally, the ratings reflect our view that...
Companies mentioned in this report are: Buzzi Unicem SpA,Dyckerhoff AG
Action: Review
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