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Industry Report Card: A Return To Growth For European Leisure Operators, But For How Long? Jul 10
Standard & Poors, July 2010
Abstract
Despite a somewhat muted return to economic growth in Western Europe, rated leisure companies remain predominantly in defensive and deleveraging mode, trying to contain pressures on operating margins through cost- and capital expenditure-reduction measures and, in some cases, through financial restructuring. In Standard & Poor's Ratings Services' view, the aggressive or highly leveraged financial profiles of many leading companies in the sector leaves them relatively exposed to small changes in operating performance. Refinancing risks are an increasing area of focus for us as companies grapple with near-term maturities and adapt to more constrained leverage paradigms. Although the majority of the ratings in the portfolio have stable outlooks, two companies in the sector are currently on CreditWatch with negative implications: TUI...
Companies mentioned in this report are: The Rank Group PLC,Accor S.A.,Ladbrokes PLC,Cirsa Gaming Corp. S.A.,Enterprise Inns PLC,InterContinental Hotels Group PLC,SABMiller PLC,SAZKA a.s.,Codere S.A.,TUI AG,Carlson Wagonlit B.V.,Peermont Global (Proprietary) Ltd.,Merlin Entertainments S.a.r.l.,William Hill PLC,Gala Coral Group Ltd.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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