Credit Slides As EMEA High-Yield Consumer Goods Firms Grapple Tough Trading Conditions May 08

  • ID: 1819058
  • May 2008
  • Region: EMEA
  • Standard & Poors
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  • Agrokor d.d.
  • Belvedere S.A.
  • Concern Kalina (JSC)
  • FAGE International S.A
  • IT Holding SpA
  • Pernod Ricard S.A.
  • MORE

Speculative-grade consumer goods credits in Europe, Middle East, and Africa (EMEA) are suffering a rapid decline in credit quality, one that highlights the vulnerability of both their business models and financial structures. What's more, with the general economic gloom and ongoing dislocation in the credit markets, Standard & Poor's Ratings Services believes it unlikely that this slide will be arrested anytime soon. In the past four months, we have taken negative rating actions on eight of the 20 high-yield consumer goods companies we rate in the EMEA region, lowering ratings, revising their outlooks to negative, or placing their long-term corporate credit ratings on CreditWatch with negative implications. We believe these vulnerable credits will struggle to find the necessary funding or...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- FAGE International S.A
- Remy Cointreau S.A.
- Head N.V.
- Agrokor d.d.
- Barry Callebaut AG
- Concern Kalina (JSC)
- IT Holding SpA
- Wimm-Bill-Dann Foods OJSC
- Safilo SpA
- Waterford Wedgwood PLC
- Foodcorp (Proprietary) Ltd.
- Pernod Ricard S.A.
- Central European Distribution Corp.
- JFC Group Holding Ltd. (BVI)
- Belvedere S.A.
- Anadolu Efes Biracilik ve Malt Sanayii AS
- Tereos Union de Cooperatives Agricoles
- Brand Development Inc.
- Nutrinvestholding OJSC

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Note: Product cover images may vary from those shown




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