Summary: Dyckerhoff AG
Standard & Poors, July 2010
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
The ratings on Germany-based cement producer Dyckerhoff AG reflect our view of solid financial structures and satisfactory business profiles at both Dyckerhoff and its majority owner, Italy-based Buzzi Unicem SpA (Buzzi; BBB/Negative/A-3). This is underpinned by the company's significant geographic diversity, good market positions, and overall healthy operating margins. In line with our criteria, the rating benefits from Dyckerhoff's integration into Buzzi, Italy's second-largest cement manufacturer, as a result of the latter's still broader diversity and stronger market positions. We also assume that the Buzzi group will generate robust free operating cash flow (FOCF) in 2010. These factors are tempered by Dyckerhoff's substantial dependency on the structurally difficult German and depressed U.S. and Eastern European markets. The latter, in particular,...
Companies mentioned in this report are: Dyckerhoff AG,Buzzi Unicem SpA
Action: Review
Dyckerhoff AG,Buzzi Unicem SpA
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