Summary: Rexel S.A. Sep 01
Standard & Poors, September 2001
Abstract
The ratings on France-based Rexel S.A. reflect the company's position as the leading business-to-business distributor worldwide of low-voltage electrical parts and supplies, as well as its high operating efficiency. These factors are offset, however, by Rexel's weak financial profile. With 2000 sales of -7.1 billion, Rexel is the world leader in a highly fragmented, cyclical sector covering a vast array of customers and products. The sector's cyclicality is offset, to some extent, by the substantial share of sales that it derives from the maintenance and replacement market. Rexel is also the sector's most global player, with only 24% of pro forma 2000 sales generated in France. It has leading positions in Europe (excluding France, accounting for 27% of pro forma...
Companies mentioned in this report are: Rexel Distribution S.A.
Action: Review
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Rexel Distribution S.A.
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