Research Update: Denmark-Based Facility Services Provider ISS Upgraded To 'BB' On Revised Corporate Criteria; Outlook Positive Dec 13
- Language: English
- Published: December 2013
The ratings on Denmark-based facilities services provider ISS A/S and related entities (ISS or the group) reflect Standard & Poor's Ratings Services' view of the group's "highly leveraged" financial risk profile and weak overall credit measures. The ratings also take into account the potential for shareholder-friendly policies as a result of ISS' majority ownership by private equity firms Goldman Sachs Capital Partners and EQT Partners, which we incorporate into our assessment of the group's "aggressive" financial policy. Another key risk may take the form of wage inflation, which could weigh negatively on ISS' operating profit margins if the group finds it difficult to pass the related cost increase onto customers. The group's weaknesses are partially mitigated by its "strong" business...
Companies mentioned in this report are:
- ISS A/S
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