German Holding Company Franz Haniel Upgraded To 'BB+/B' On Additional Debt Reduction; Outlook Stable Sep 13
- Language: English
- Published: September 2013
- Region: Germany
The ratings on Franz Haniel & Cie. GmbH (FHC) reflect the company's portfolio of investments, which provide strong annual dividend inflows that easily cover overheads and interest expenses. In addition, FHC is able to control the cash flows of its fully owned subsidiaries and exert a strong influence on its majority-owned subsidiaries, which have a history of being cash generative. The ratings benefit from FHC's stable ownership structure and successful track record of management. FHC's ratio of net financial debt to estimated portfolio market value has declined to below 20% in the first half of 2004, down from 25% in mid-2003. This is mainly due to the increase in the share prices of FHC's listed holdings, but also to the...
Companies mentioned in this report are: Franz Haniel & Cie GmbH
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Franz Haniel & Cie GmbH