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Kinove German Bondco GmbH Jun 11
Standard & Poors, June 2011
Abstract
One of three leading global carbon black manufacturers. Strong competitive position in profitable pigment black segment. Near-term favorable industry environment, low capital intensity, and expected positive near-term free cash flow. Expected long-ended debt maturity profile and adequate liquidity. Historically highly volatile profitability, and cyclical automobile end-markets. Low profitability of rubber black segment. Significant leverage resulting from private equity policy. Limited historical stand-alone information as a carve-out. 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...
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.
Research Type: Full Analysis
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