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
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >