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Befesa Zinc S.A.U. May 11
Standard & Poors, May 2011
Abstract
Leading market position in a niche market of recycling crude and stainless steel dust. Operations supported by environmental legislation, cost incentives, and barriers to entry. Healthy margins and stable cash flow generation, also during the crisis in 2009. Small-scale operations in a niche, fragmented, and somewhat competitive market. Aggressive capital structure. Ambitious expansion and capital expenditure projects, with inherent execution and counterparty risks. Limited product diversity. Rating correlated with that of indirect parent company, Abengoa S.A. The rating on European steel dust recycler Befesa Zinc S.A.U. reflects our assessment of the company's weak business risk profile and its aggressive financial risk profile. The rating is constrained by our view of Befesa Zinc's aggressive capital structure (pro forma for the -300...
Companies mentioned in this report are: Befesa Zinc S.A.U.,Eco-Bat Technologies Ltd.,New Reclamation Group (Pty) Ltd. (The),Abengoa S.A.,Zinc Capital S.A.
Action: Review
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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