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Alliance One International Inc. May 11
Standard & Poors, May 2011
Abstract
Good market position as an independent global tobacco leaf processor; Highly liquid committed inventories; and Geographic sourcing diversification. Highly competitive market conditions; Some customers shifting a portion of their procurement to direct sourcing; Cyclical and commodity agricultural crops; and Highly leveraged financial profile. The ratings on Alliance One International Inc. (AOI) reflect Standard & Poor's Ratings Services' view that the company operates in a difficult business environment, marked by global competition, political unrest in certain leaf-tobacco producing countries, exposure to foreign currency volatility (particularly when the U.S. dollar weakens, which unfavorably affects expenses denominated in foreign currencies), and declining cigarette consumption in most mature markets, including both the U.S. and Western Europe. In addition, there is customer concentration risk and...
Companies mentioned in this report are: Alliance One International Inc.
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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