Pinault Printemps Redoute S.A. Dec 02
Standard & Poors, December 2002
Abstract
Extensive business diversity and management's ability to manage it; Successful decentralized management structure; and Stabilized liquidity position. Cyclicality of a number of segments, especially business-to-business distribution; Aggressive financial policy; and Risk of having to buy out Gucci minority shareholders in cash for about $5 billion in March 2004 given the Gucci put option. The ratings on France-based Pinault Printemps Redoute S.A. (PPR) are underpinned by the group's extensive business and geographic diversity, leading positions in its main businesses' respective markets, and successfully decentralized management structure. The ratings also reflect the divestments recently announced by PPR, which have stabilized its liquidity position and given it increased financial headroom to meet the approximately $5 billion Gucci put option in March 2004. PPR,...
Companies mentioned in this report are: PPR S.A.
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
PPR S.A.
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