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Akzo Nobel N.V. Dec 11
Standard & Poors, Dec 2011
Abstract
Position as the world's largest producer of paints, with significantly lower cyclicality than other chemicals businesses. Track record of a healthy balance sheet and strong liquidity. Sizable, well-diversified worldwide operations by country and market, including in higher-growth emerging and Asian markets. Strong correlation of growth to GDP, and notably to housing and construction and cyclical demand in the specialty chemicals segment. Potential for margin squeeze from both raw material costs and pricing pressure from end markets. Sizable gross pension obligation. The ratings on Netherlands-based coatings and chemicals producer Akzo Nobel N.V. (Akzo) reflect what Standard & Poor's Ratings Services views as the company's 'strong' business risk profile and 'intermediate' financial risk profile. We believe Akzo benefits from a favorable business...
Companies mentioned in this report are: Akzo Nobel N.V.,Akzo Nobel Sweden Finance AB (PUBL)
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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