Research Update: Hannover Re Africa Subgroup Core Subsidiaries Affirmed At 'A-' After Insurance Criteria Change; Outlook Negative Jul 13
- Language: English
- Published: July 2013
- Region: Africa
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.
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 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 in South Africa. It is also exposed to foreign-exchange risks. Prevailing uncertainty over the future ownership structure of the group also restricts the rating because a potential sale to a financial investor could lead to a new, more aggressive financial structure, in our view. The rating is supported by SAVCIO's strong niche market position as the largest independent provider of maintenance and repair services...
Companies mentioned in this report are: SAVCIO Holdings (Proprietary) Ltd.
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SAVCIO Holdings (Proprietary) Ltd.