The Austrian Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Language: English
- 116 Pages
- Published: June 2012
- Region: Austria
The preliminary ratings on Germany-based chemical company Kinove German Bondco GmbH (Kinove) reflect its "aggressive" financial risk profile and "weak" business risk profile. This mirrors significant debt leverage and highly cyclical profits, as well as the company's limited operating and financial record as a stand-alone entity. Kinove is an intermediate holding company which will acquire the carbon black activities (referred to as Evonik Carbon Black [ECB]) of Evonik Industries (BBB/Stable/A-2). Kinove itself will be owned by Kinove German Holdings GmbH (not rated), a holding company funded through shareholder loans from ultimate private equity owners, Rh-ne Capital and Triton. Standard & Poor's Ratings Services expects ECB to benefit in 2011 from favorable market conditions in the chemical industry, in particular from...
Companies mentioned in this report are: Kinove German Bondco GmbH
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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.
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Kinove German Bondco GmbH