Liquidity Snapshot Of Eight European High-Tech Companies Mar 08
Standard & Poors, March 2008
Abstract
The persisting credit crunch, which is constraining companies' access to capital, is putting additional strain on corporate credit quality for Europe-based high-technology companies at a time when a falling dollar and softer economic outlook are already squeezing revenues and profits. The high-tech sector, where many companies combine revenue cyclicality or volatility with high fixed costs and capital intensity, ranks particularly high on investors' liquidity checklists. Credit spreads for high-tech companies have now shot up after a long period of low spreads compared with similarly rated companies in the wider corporate sector. Speculative-grade high-tech issuance volumes have been very modest over the past year and we have assigned no new public ratings in Europe since late 2006. The ratings on NOR-flash...
Companies mentioned in this report are:
- Alcatel-Lucent
- Bull (Groupe)
- Cap Gemini S.A.
- ASM International N.V.
- Technicolor S.A.
- Vestel Elektronik Sanayi Ve Ticaret A.S.
- EPCOS AG
- NXP B.V.
- Numonyx B.V.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Alcatel-Lucent
- Bull (Groupe)
- Cap Gemini S.A.
- ASM International N.V.
- Technicolor S.A.
- Vestel Elektronik Sanayi Ve Ticaret A.S.
- EPCOS AG
- NXP B.V.
- Numonyx B.V.
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