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Brunswick Corp. Nov 11
Standard & Poors, Nov 2011
Abstract
Leader in the recreational marine industry; Plant rationalization program is completed; and Large cash balances. Prolonged duration of the recent industry downturn and continued low levels of retail marine demand; Significant revenue and EBITDA volatility over the economic cycle; and Highly seasonal business activity. The rating on Lake Forest, Ill.-based Brunswick Corp. reflects the discretionary nature of consumer spending on the company's recreational marine products and the significant volatility experienced in the company's revenue and EBITDA over the last economic cycle. Standard & Poor's Ratings Services believes this is in line with a 'weak' business risk profile, according to our criteria. Brunswick's EBITDA declined to a low of around negative $220 million in 2009 from as high as around $600...
Companies mentioned in this report are: Brunswick Corp.
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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