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Buzzi Unicem SpA
Standard & Poors, Aug 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.
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 volatile Eastern European markets and structurally difficult German and Italian markets. Industry cyclicality, heavy capital intensity, and volatile input costs. Considerable deterioration in credit metrics. The ratings on Italy's second-largest cement manufacturer Buzzi Unicem SpA (-2.7 billion of sales in 2009) reflect Standard & Poor's Ratings Services' view of the satisfactory business risk profiles of Buzzi and its 93.2%-owned subsidiary Dyckerhoff AG (BBB-/Stable/A-3). The ratings are underpinned by Buzzi's geographic diversity, good market positions, and still-healthy operating margins. Additionally, the ratings reflect our view that Buzzi will, after reducing...
Companies mentioned in this report are: Buzzi Unicem SpA,Dyckerhoff AG
Action: Review
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