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Summary: Kinove German Bondco GmbH Jun 11
Standard & Poors, June 2011
Abstract
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
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.
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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