Franz Haniel & Cie GmbH Jul 11
Standard & Poors, July 2011
Abstract
High creditworthiness of major assets. Portfolio liquidity supported by high portion of listed assets. Strategic influence on subsidiaries' operations and dividend policy, supported by majority or controlling stakes. Stability in ownership structure and clear separation between family shareholders and management. Concentration of portfolio on Metro AG and Celesio AG. Majority stakes reduce portfolio liquidity and put into question willingness to sell. Exposure to volatile equity markets. The ratings on Germany-based operating holding company Franz Haniel & Cie (FHC) reflect Standard & Poor's Rating Services' view of the adequate credit quality of its portfolio of listed and financial investments. On March 31, 2011, the estimated market value of FHC's portfolio was about -8.9 billion, including a limited amount of intercompany debt...
Companies mentioned in this report are: Franz Haniel & Cie GmbH
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
Franz Haniel & Cie GmbH
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