Research Update: Switzerland-Based Global Commodity Trader Glencore 'BBB' Rating Kept On Watch Positive Following Viterra Acquisition Mar 12
- Language: English
- Published: March 2012
- Region: Global
Leading positions in Canada and Australia High barriers to entry Measured growth strategy Execution risk stemming from growth through acquisition Commodity orientation of most of its business Exposure to crop conditions in western Canada and southern Australia The ratings on Viterra Inc. reflect Standard & Poor's Ratings Services' view of the company's satisfactory business risk profile, which is supported by strong market positions in key grain-producing regions in Canada and Australia and more modest positions in downstream agribusiness and processing. With the acquisition of ABB in late 2009, Viterra added a dominant position in grain handling and export in South Australia to its strong market share in western Canada grain receivals. We believe that the resulting improved geographic diversity, operating...
Companies mentioned in this report are: Viterra Inc.
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: Full Analysis
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