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Bertelsmann AG Jun 11
Standard & Poors, June 2011
Abstract
Strong market presence in diversified media segments of broadcasting, publishing, printing, and business services industries. Strong conversion of profits into cash. Clearly articulated financial policy. Effect of cyclical and structural factors on many segments of the business. Restricted access to equity funding given private ownership. The ratings on Germany-based media group Bertelsmann AG reflect Standard & Poor's Ratings Services' view of the cash-generative nature of Bertelsmann's well-established and diversified consumer media businesses and its supportive financial policy. Bertelsmann owns the world's largest consumer book publisher, Random House, and about 92% of Europe's largest broadcaster, RTL Group S.A. (RTL; BBB+/Stable/A-2). Bertelsmann is a European leader in magazines and periodicals through Gruner + Jahr. Bertelsmann also has a strong presence in contract...
Companies mentioned in this report are: Bertelsmann AG,RTL Group S.A.
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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