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Amadeus IT Holding S.A. Nov 11
Standard & Poors, Nov 2011
Abstract
Leading positions in Europe and several emerging markets in the global distribution system (GDS) industry. Solid positions as an information technology (IT) service provider to the global travel industry. High barriers to entry in GDS and IT services, thanks to medium- to long-term contracts. Steady market share gains in the GDS sector. Sound profitability and research and development capabilities. Exposure to the seasonality and cyclicality of the travel industry. Continuing, albeit slowing, disintermediation in travel distribution. Strong and continuous pressure to maintain steady booking fees. Relatively high customer concentration, especially in the ailing airline sector. Very recent history of moderate financial policy. The ratings on Spain-based information technology (IT) service provider Amadeus IT Holding S.A. (Amadeus) primarily reflect Standard &...
Companies mentioned in this report are: Amadeus IT Holding S.A.
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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