Industry Report Card: Creditworthiness Of EMEA Consumer Goods Companies Will Run Up Against Difficult Operating Environment As Upturn Ends Apr 11
- Language: English
- Published: April 2011
- Region: EMEA
Unusually volatile trading in the fourth quarter of 2008 reduced revenue and earnings visibility for European manufacturers of branded consumer goods in 2009. Sales volumes for the quarter declined across the industry, as the scarcity of corporate credit left the retail sector and wholesalers unwilling to tie up cash in inventory around the 2008 year-end. It remains unclear whether volume and revenue declines posted in the fourth quarter of 2008 genuinely represent the extent of the decline in consumer demand, or whether the trend was exaggerated. Standard & Poor's Ratings Services maintains a base assumption of generally flat revenues in food, beverage, and tobacco in 2009, with potential for further revenue erosion in the more cyclical durable consumer goods segment....
Companies mentioned in this report are: Electrolux AB,Imperial Tobacco Group PLC,Diageo PLC,Remy Cointreau S.A.,Tate & Lyle PLC,Coca-Cola Hellenic Bottling Co. S.A.,IT Holding SpA,Safilo SpA,Suedzucker AG,Waterford Wedgwood PLC,ESCADA AG,Pernod Ricard S.A.,JFC Group Holding Ltd. (BVI),Belvedere S.A.,Tereos Union de Cooperatives Agricoles a Capital Variable,Brand Development Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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Electrolux AB,Imperial Tobacco Group PLC,Diageo PLC,Remy Cointreau S.A.,Tate & Lyle PLC,Coca-Cola Hellenic Bottling Co. S.A.,IT Holding SpA,Safilo SpA,Suedzucker AG,Waterford Wedgwood PLC,ESCADA AG,Pernod Ricard S.A.,JFC Group Holding Ltd. (BVI),Belvedere S.A.,Tereos Union de Cooperatives Agricoles a Capital Variable,Brand Development Inc.