Research Update: French Retailer PPR S.A. 'BBB-/A-3' Ratings Affirmed; Outlook Stable; Off Watch Neg Jul 07

Standard & Poors, July 2007

Abstract
On July 18, 2007, Standard & Poor's Ratings Services affirmed its 'BBB-/A-3' corporate credit ratings on French diversified and luxury retailer PPR S.A. and removed them from CreditWatch where they had been placed with negative implications on April 10, 2007, following the announcement of the group's takeover bid for German sportswear group Puma. The outlook is stable. The ratings affirmation is underpinned by the strength of PPR's business profile, which will be further enhanced by Puma and by the fact that financial measures will bottom out above the very aggressive levels that would have been reached if all Puma's shareholders had tendered their shares. PPR acquired only 62% of Puma's shares for a total consideration of about -3.3 billion, whereas...

Companies mentioned in this report are: PPR S.A.
Action: Affirmed
Action: Removed From CreditWatch

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

PPR S.A.

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