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Acuity Brands Inc. Aug 08
Standard & Poors, Aug 2008
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 position in lighting fixtures. Acuity also has an intermediate financial risk profile, which we expect the company to maintain in the medium term. Acuity has a more focused business profile as one of the leading domestic lighting fixture manufacturers following the tax-free spin-off of Acuity Specialty Products in 2007. Its...
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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