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Releasing the Credit Impact of Captive Finance Operations From European Retailers Jul 05 Product Image

Releasing the Credit Impact of Captive Finance Operations From European Retailers Jul 05

  • ID: 1871097
  • July 2005
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Carrefour S.A.
  • Experian Finance PLC
  • Groupe Auchan S.A.
  • HSBC Bank PLC
  • J Sainsbury PLC
  • Kering S.A.
  • MORE

Abstract
(Editor's note: This article updates an earlier version issued on Aug. 17, 2004, using updated information from rated European retailers to better illustrate the effect that captive finance operations have on credit quality.) A large number of retailers in Europe operate either captive finance business units to support the sales of their retail businesses or fully fledged banks as a means of growth and diversification (see table 1). Retailers use their financial arms not only as effective tools for marketing their goods and services but also, to an extent, to improve operating profitability and diversify their earnings stream. Large and well-recognized retailers-- Argos, the retail arm of GUS PLC (BBB+/Stable/A-2); Migros - Genossenschafts-Bund (Migros; A/Stable/A-1); Tesco PLC (A+/Stable/A-1); Carrefour S.A....

Companies mentioned in this report are:
- HSBC Bank PLC
- Marks & Spencer PLC
- J Sainsbury PLC
- Signet Jewelers Ltd.
- Casino Guichard - Perrachon & Cie S.A.
- Migros Genossenschaftsbund
- Kering S.A.
- Carrefour S.A.
- Experian Finance PLC
- Tesco PLC
- Groupe Auchan S.A.
- Next PLC

Standard and Poors RatingsXpress READ MORE >

Note: Product cover images may vary from those shown

- HSBC Bank PLC
- Marks & Spencer PLC
- J Sainsbury PLC
- Signet Jewelers Ltd.
- Casino Guichard - Perrachon & Cie S.A.
- Migros Genossenschaftsbund
- Kering S.A.
- Carrefour S.A.
- Experian Finance PLC
- Tesco PLC
- Groupe Auchan S.A.
- Next PLC

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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