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Bulletin: Li & Fung Ltd. Announces Solid Operating Results; No Rating Impact
Standard & Poors
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
HONG KONG (Standard & Poor's) March 25, 2010--Standard & Poor's Ratings Services said today that its rating on Li & Fung Ltd. (A-/Stable/--) is unaffected by the company's solid operating results for the year ended Dec. 31, 2009, that demonstrate its ability to tightly manage its cost base. Although Li & Fung has an acquisition-focused business strategy, we still expect the company to maintain its credit metrics at a level commensurate with the current rating over the next two to three years. Several recent equity-raising exercises highlight Li & Fung's disciplined liability management. The company has also expanded its revenue base through acquisitions and organic growth in high-value-added operations in recent years. Its tightly managed costs resulted in an EBITDA...
Companies mentioned in this report are: Li & Fung Ltd.
Action: Bulletin
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