South Africa-Based Savcio 'B+' Long-Term Ratings Withdrawn On The Company's Request After Repayment Of Outstanding Debt Mar 12
- Language: English
- Published: March 2012
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Research Type: Full Analysis
South Africa's leading provider of repair and maintenance services for large electric motors and transformers. Long record of customer service. Stable profitability translating into solid free cash flow generation. Broad customer base in diverse end markets. Aggressive financial profile. Currency risk from euro-denominated debt financing. Small size and lack of geographic and product diversity. Working-capital intensity. Shareholder-friendly financial policy. Uncertainty regarding future ownership structure. The rating on South Africa-based heavy capital goods repair and maintenance company SAVCIO Holdings (Proprietary) Ltd. reflects what we consider a weak business risk profile and an aggressive financial risk profile. The rating is constrained by SAVCIO's relatively small size and its lack of geographic and product diversity because the vast majority of profits are generated...
Companies mentioned in this report are: SAVCIO Holdings (Proprietary) Ltd.
SAVCIO Holdings (Proprietary) Ltd.