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Athlon Holding N.V. Jul 05
Standard & Poors, July 2005
Abstract
Well-executed repositioning on profitable core business and financially conservative strategy; Robust profitability ratios; Demonstrated capacity to rebuild capital ratios; and Good asset quality and credit risk management processes. Business concentration on the operational car-leasing business; Business position still constrained by some geographic concentration, in a sector where scale is a key competitive advantage; and Funding-demanding profile, in line with the industry. The ratings on Netherlands-based Athlon Holding N.V. reflect the company's expertise in the operational car-leasing sector and its satisfactory operating track record. In the past few years, Athlon's performance recovered in line with expectations. The company closed its troubled rental subsidiary in Germany, sold its rental activities in France and refocused on its core business, and successfully conducted the...
Companies mentioned in this report are: Athlon Holding N.V.,Natixis S.A.,LeasePlan Corporation N.V.
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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