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Bulletin: Li & Fung Ltd. Announces Solid Operating Performance And Higher Leverage; 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 28, 2011--Standard & Poor's Ratings Services said today that its rating on Li & Fung Ltd. (A-/Stable/--) is unaffected by the company's recently announced results for the year ended Dec. 31, 2010. In our view, Li & Fung's solid operating performance mitigates the risk of higher leverage. The company's core operating profit grew 42% due to revenue growth, margin expansion at onshore businesses, and cost-control measures. Its EBITDA margin increased to 6% from 4.9% a year earlier. The operating margin could come under pressure because cost inflation is likely to affect the margins of Li & Fung's onshore businesses. Nevertheless, we expect the company to maintain its solid operating performance this year. Li &...
Companies mentioned in this report are: Li & Fung Ltd.
Action: Bulletin
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