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Brenntag AG Feb 12
Standard & Poors, Feb 2012
Abstract
Resilient profitability as a leading distributor of chemical products. Sound diversification by product, customer base, supplier, and geography. Good margin management and cost-control measures. Expected benefits from an increasing industry trend toward outsourcing and further consolidation. Robust free cash flow potential, given low maintenance capital expenditures. Long-dated maturity profile, with first major debt maturity in 2016. Very fragmented industry and history of bolt-on acquisitions. Potential for margin squeeze from volatile raw material costs and pricing pressure. Significant debt and only average credit ratios. Large working-capital swings, which can lead to some debt fluctuations. The ratings on Germany-based Brenntag AG, a leading full-line distributor of industrial and specialty chemicals, reflect what Standard & Poor's Ratings Services views as the group's 'satisfactory'...
Companies mentioned in this report are: Brenntag AG
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
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