Size and Diversity Drive Credit Quality in Europe's Business Services Industry Aug 04
Standard & Poors, August 2004
Abstract
Business services companies have flourished in the past decade, thanks to the general trend toward outsourcing of noncore activities by a broad swathe of businesses. The business services industry encompasses a wide range of niches, with broad segments covering facility services (cleaning, hygiene, food, and security services) and professional services (staffing and advertising agencies, and consulting services). This article identifies key industry characteristics and success factors for the European business service industry, and is a framework for Standard & Poor's analysis of business service companies. Outside the scope of this article, however, are industry-specific companies such as those covering offshore services, airline catering, and a growing portion of service-related operations in manufacturing. That said, many of the industry characteristics and...
Companies mentioned in this report are: Cap Gemini S.A.,WPP 2008 Ltd.,Sodexo,Adecco S.A.,Getronics N.V.,Securitas AB,Compass Group PLC,Rentokil Initial 1927 PLC,ISS World Services A/S,Intertek Group PLC
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.
Cap Gemini S.A.,WPP 2008 Ltd.,Sodexo,Adecco S.A.,Getronics N.V.,Securitas AB,Compass Group PLC,Rentokil Initial 1927 PLC,ISS World Services A/S,Intertek Group PLC
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