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Acuity Brands Inc. Aug 07
Standard & Poors, Aug 2007
Abstract
Brand-name products, strong distribution, and solid barriers to entry; Sizable portion of sales coming from the more stable retrofit and replacement markets; Low risk of product obsolescence or substitution; and Limited capital intensity. Moderate cyclicality, pricing pressures, and higher raw-material costs; Dependence on the cyclical lighting segment following planned spin-off of Acuity Specialty Products; and Lack of geographic diversification. The ratings on Acuity Brands Inc. reflect the company's leading market positions in lighting fixtures and specialty chemicals. Acuity also has an adequate financial profile, which we expect the company to maintain in the intermediate term. Acuity, a holding company, is the leading domestic lighting fixtures and specialty chemical-products producer. The planned tax-free spin-off of Acuity Specialty Products (ASP) will slightly...
Companies mentioned in this report are: Acuity Brands 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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