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Viewing report
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Metro AG Jun 10
Standard & Poors, June 2010
Abstract
World's largest cash-and-carry operator. European market leader in consumer electronics retailing. Balanced geographic diversity. High expansion-related capital expenditure, restricting free cash flow generation. Substantial exposure to the very competitive German market. The ratings on Germany-based diversified retailer Metro AG reflect its business risk profile, which Standard & Poor's Ratings Services views as 'strong,' based on leading European market positions in self-service wholesale retailing (Cash & Carry; C&C) and in consumer electronics retailing (MediaMarkt-Saturn; MMS). Offsetting these positive factors is Metro's still substantial exposure to the very competitive German retail market and the group's 'significant' financial risk profile. German operating holding company Franz Haniel & Cie GmbH (FHC; BBB-/Negative/A-3) owns 34.2% of Metro and is its controlling shareholder. We consider FHC...
Companies mentioned in this report are: Metro AG
Action: Review
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: Full Analysis
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