ICT Spend Predictions in Medium-sized German Educational Institutions - Estimated ICT budget breakdowns in 2013
- Language: English
- Published: May 2013
- Region: Germany
The ratings on Germany-based home-improvement retailer Hornbach Holding AG (Hornbach) reflect Standard & Poor's Ratings Services' view of the group's "significant" financial risk profile, supported by its "strong" liquidity profile and its financial policy of carefully managed capital investments and dividends. The ratings also reflect our view of Hornbach's "satisfactory" business risk profile, supported by the entrenched domestic market position of its largest asset, Hornbach-Baumarkt-AG (Baumarkt; BB+/Stable/--) and by Baumarkt's proven business model, which is well suited to the competitive German do-it-yourself (DIY) market. The ratings on Hornbach are capped by those on its main subsidiary and operating asset, Baumarkt. We anticipate subdued conditions for DIY and building material retailers to continue in the second half of 2012 because of...
Companies mentioned in this report are: Hornbach Holding AG,Hornbach-Baumarkt-AG
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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Hornbach Holding AG,Hornbach-Baumarkt-AG