Summary: Dyckerhoff AG
- ID: 1724060
- February 2011
- Standard & Poors
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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.
The ratings on Germany-based cement producer Dyckerhoff AG reflect its strong integration with its parent, Italy's second-largest cement manufacturer Buzzi Unicem SpA (BBB-/Stable/A-3; -2.65 billion in sales anticipated in 2010). Standard & Poor's Ratings Services believes that Dyckerhoff--which has a stronger stand-alone credit profile than that of its parent--will provide support to Buzzi through dividend payouts, as we saw in 2010. We view the business risk profiles of Buzzi and its 93.2%-owned subsidiary Dyckerhoff as satisfactory. The Buzzi group operates in a cyclical and highly capital-intensive industry. The ratings on Buzzi and Dyckerhoff are tempered by the group's dependence on the structurally difficult German and Italian markets (a high level of installed capacity, a large number of players, and a...
Companies mentioned in this report are: Dyckerhoff AG,Buzzi Unicem SpA
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