Research Update: Switzerland-Based Geberit Upgraded To 'A' On Revised Criteria; Outlook Stable Dec 13
- Language: English
- Published: December 2013
The rating on Switzerland-based sanitary and plumbing manufacturer Geberit AG reflects Standard & Poor's Ratings Services' view of the group's minimal financial risk profile. This takes into account Geberit's balance sheet, which has been consistently strong for a number of years; its very strong credit metrics throughout the recent industry downturn; and its highly conservative financial policy. The rating is also supported by a business risk profile that we view as satisfactory due to strong profitability, solid market positions in Europe's sanitary products industry, high cost efficiency, favorable pricing power, and significant exposure to the less cyclical renovation segment. The rating is constrained, in our view, by Geberit's limited size and product diversification. We also note the group's exposure to...
Companies mentioned in this report are:
- Geberit AG
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- Geberit AG