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Australian and New Zealand Food, Beverage & Tobacco: Increasingly Consumed by Global Ambitions Jun 01
Standard & Poors, June 2001
Abstract
Although the food, beverage, and tobacco industry is characterized by stable consumer demand and strong cash flows, rating action in the industry has been significant, with one downgrade, one upgrade, and five CreditWatch placements in the past year. Further, the outlook for the industry generally is negative, with only eight out of the 15 rated companies on a stable outlook, of which several are listed below (see table 1). These rating trends largely reflect transactions, principally debt-funded mergers and acquisitions, and the attendant risks of integrating new businesses into existing operations or poor performance. This trend is likely to continue as companies seek opportunities to grow and further consolidate their market positions. A slowdown in economic activity should not, in...
Companies mentioned in this report are: Burns, Philp & Co. Ltd.,New Zealand Dairy Board,Coca-Cola Amatil Ltd.,Foster's Group Ltd.,Goodman Fielder Ltd.,Southcorp Ltd.,Lion Nathan Pty Ltd.,AWB Ltd.
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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