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BULLETIN: Ratings On French Retail Group PPR S.A. Unaffected By Printemps Divestment Jun 06
Standard & Poors, June 2006
Abstract
PARIS (Standard & Poor's) June 21, 2006--Standard & Poor's Ratings Services said today that its ratings and outlook on diversified France-based retail and luxury goods group PPR S.A. (BBB-/Stable/A-3) are unaffected by PPR's plan to dispose of its Printemps department stores to a consortium led by Deutsche Bank and Borletti group. While slightly reducing the business diversity of the group--Printemps accounted for 4% of sales and 2% of operating income--the proceeds of about -1.1 billion will improve PPR's financial profile and credit ratios. Pro forma funds from operations (FFO) to adjusted net debt are expected to improve to about 24%, from 21% at year-end 2005. The ratings on PPR could be raised if the group continues to generate substantial free...
Companies mentioned in this report are: PPR S.A.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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