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Brambles Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
Leading global position in pallet and container pooling services Solid logistic management capability and asset utilization Good geographic and customer diversity Sound operating margins and stable cash flow, despite difficult economic conditions Sizable ongoing capital-expenditure requirements, particularly in the CHEP business Changing customer preferences to alternative pallet products Stretched financial metrics due to partly debt-funded acquisition of IFCO Systems N.V. Expansion into developing markets, such as China and India, which introduces execution risk The rating on Australia-based Brambles Ltd. reflects our opinion of the company's leading global position in pallet and container pooling services; solid logistic management capability and asset utilization; good geographic and customer diversity; and sound operating margins and stable cash flow, despite difficult economic conditions. Offsetting these...
Companies mentioned in this report are: Brambles Ltd.,Brambles Finance PLC,Brambles USA Inc.
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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