Research Update: Retailer Metro AG 'BBB-/A-3' Ratings Affirmed After News Of Sale Of Some Hypermarket Operations; Outlook Stable Dec 12
- Language: English
- Published: December 2012
The ratings on Metro AG reflect its dominant pan-European positions in cash-and-carry and its leading positions in consumer electronics retailing in Europe and hypermarkets in Germany. These positive factors are offset by Metro's substantial exposure to the depressed and competitive German market, despite the extensive internationalization of its cash-and-carry business, and its moderate financial profile. Cash-and-carry (51% of Metro's consolidated EBITDA in the first nine months of 2002) is the group's most geographically widespread business with 77% of sales generated abroad, primarily in Europe. The division boasts leading positions, often far outstripping the competition, in most countries it operates in. The group is also Europe's largest consumer electronics retailer (19% of consolidated EBITDA in the first nine months of 2002),...
Companies mentioned in this report are:
- Metro AG
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