azetaelle
investitore(s)qualificato
se leggi bene abbiamo anche scritto Vovvo, cancellando "made in china"...io lo sapevo ma non ci avevo pensato!
mi volete fregare eh
Obbligazioni societarie Monitor bond case automobilistiche e accessorio auto (3 lettori)
serendipity
Nuovo forumer
Hella
Qualcuno segue questa azienda di componentistica per auto?
Grazie
Qualcuno segue questa azienda di componentistica per auto?
Grazie Imark
Forumer storico
Qualcuno segue questa azienda di componentistica per auto?
Ciao, competitor di Valeo, non la seguo, qualche info dai dispacci di agenzia dei rating report...
Moody's assigns Ba1 rating to Hella's EUR 300 million notes - Outlook Stable
Frankfurt, November 13, 2009 -- Moody's Investors Service has today assigned a Ba1 rating to the EUR 300 million Fixed Rate Notes issued by Hella KGaA Hueck & Co ("Hella"). The outlook on the ratings is stable.
The Ba1 instrument rating is in line with Moody's Loss-Given-Default Methodology and reflects the pari passu ranking of the new Fixed Rate Notes with the vast majority of the group's financial debt.
As the group is financed primarily through senior unsecured borrowings raised by Hella KGaA Hueck & Co there are only immaterial amounts of secured or decentralized subsidiary borrowings in the capital structure.
Moreover, there is only a marginal amount of subordinated debt in form of profit participation rights. Although there are no upstream guarantees for the Fixed Rate Notes there is no notching for structural subordination given the absence of a material amount of debt at subsidiary level and given that the issuer itself is an operating entity which accounts for almost half of the group's revenues and a substantial portion of its assets.
Hella's Ba1 Corporate Family Rating remains supported by a sound business profile and the company's sizeable aftermarket business, which has proven to be fairly resilient in the current downturn.
Although revenues in fiscal 2008/2009 declined by 17% to EUR 3.3 billion driven by a severe cyclical downturn in the automotive industry, the group achieved an operating result above break-even (EBIT of EUR 36 million as adjusted by Moody's) which we view positively given the challenging market environment.
Moreover, we expect some counter measures implemented by management will unfold their full effect only in fiscal 2009/10, which should allow profitability to gradually recover going forward -- even if car production levels remain at the currently depressed levels.
Hence, Moody's expects leverage levels to return to levels of 3x Debt/EBITDA (as adjusted by Moody's) in the short to medium term after a cyclical trough of 4.3x in fiscal 2008/09.
Assignments:
..Issuer: Hella KGaA Hueck&Co
....Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD3, 47%)
The principal methodology used in rating Hella was the Global Auto Supplier Industry Methodology, which can be found at OpenDNS in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.
Moody's last rating action on Hella was on 24 March 2009 when Moody's downgraded Hella's Corporate Family rating to Ba1 (stable) from Baa3 (under review for possible downgrade).
Headquartered in Lippstadt, Germany, Hella KGaA Hueck & Co is one of the leading automotive suppliers in automotive lighting and electronics components, and holds a strong position in the aftermarket. The company employs approximately 23,000 people at 70 locations in more than 30 countries.
azetaelle
investitore(s)qualificato
L'ultima emissione del 20/10/09 HellaKGaAHueck 7,25% 09-14 pe 20/10/2014 + event.1,25% XS0454794123 ha sonnecchiato per un po' poco sotto la pari, adesso pare essersi mossa un minimo e quota circa 100.50 sui mercati tedeschi. Probabilmente attorno alla parità è il suo prezzo corretto. Per il resto vale quanto riportato sopra dall'ottimo iMark.Qualcuno segue questa azienda di componentistica per auto?
serendipity
Nuovo forumer
azetaelle
investitore(s)qualificato
se perde il rating Ba1 di Moody's
serendipity
Nuovo forumer
Grazie!
Trovato prospetto:
Trovato prospetto:
troppidebiti
Forumer storico
New Issue-Volskwagen Intl prices 1.25 bln euro 2015 bond
Reuters - 24/11/2009 16:37:34
Imark
Forumer storico
Grazie!
Trovato prospetto:
Molto utile, grazie...
Ancora negativo l'outlook compartimentale per Fitch per l'automotive europeo, specie per i produttori presenti soprattutto in Europa occidentale, con un forecast delle vendite a quota - 6/8%, dopo un - 5% nel 2009, in conseguenza del graduale venire meno degli incentivi alla rottamazione.
Serviranno ulteriori misure di riduzione della capacità produtti, licenziamenti, alleanze mirate alla generazione di sinergie ed al contenimento dei costi per fronteggiare questa persistente debolezza della vendite.
Fitch: European Auto Sector Stabilising but Outlook Remains Negative
23 Nov 2009 4:36 AM (EST)
Fitch Ratings-London/Paris/Frankfurt-23 November 2009: Fitch Ratings says the European automotive industry is showing early signs of stabilisation and that 2010 should be a transition year, although the overall sector outlook remains negative due to weak sales trends.
"Fitch expects a slow and gradual recovery in operating performance trends from H210 but this will depend to a large extent on sales development when most scrapping incentive schemes in Europe and other regions expire," says Emmanuel Bulle, Senior Director in Fitch's European Corporates group.
"There is still a high degree of uncertainty about the extent of sales that are brought forward into 2009 from 2010 and the deterioration in product mix as a result of these schemes; the sustainability of economic recovery; and the improvement in consumer and corporate confidence."
Fitch remains concerned about further sales decrease in many regions, particularly western Europe as the scrapping schemes are phased out.
The agency forecasts auto sales in western Europe to decline by 6-8% in 2010, following a fall of approximately 5% in 2009.
Although the negative impact from the end of these incentive schemes - notably in Germany, Europe's largest market, where approximately one million vehicles were sold under this plan - should not be overestimated, the uncertainty around how sales will develop in 2010 remains significant.
It is unclear how incentives have distorted the used-car or new-car markets, and whether improving consumer confidence, higher credit availability and a timid increase in new car purchase intentions will mitigate the pay-back effect from expiring incentives schemes and potential rising unemployment.
Like all high fixed-costs sectors, the auto industry's profitability is particularly driven by revenue growth/decline. A collapse in sales in H208 and H109 led to falling operating margins and substantial cash outflows from rising inventories and working capital swings as production could not be cut back as swiftly.
Although the recent unwinding of working capital swings has boosted cash generation, further benefits of this magnitude would not be repeated in 2010. Furthermore, consumers have got used to price discounts and are likely to expect them going forward, which is likely to compound demand for smaller, less profitable cars and weigh further on the product mix.
Although global sales are likely to have bottomed out, they have stabilised at a low level, which could require further adjustments to the cost base.
Fitch notes that this recession did not lead to the material cut in assembly capacity and the industry consolidation that was anticipated at the start of the crisis, notably because of social and political issues. The agency expects the previous trend of selective alliances and agreements to continue in 2010 as well as discreet and gradual reductions in capacity and workforce, which are necessary to support a leaner cost structure that is more in line with reduced sales expectations.
"Depending on how sales develop and how effectively manufacturers respond to all challenges, H110 could see a stabilisation of Outlooks on some ratings," added Bulle.
However, in the absence of specific actions such as capital increases or asset sales, deleveraging should be a slow process for the lowest-rated companies, notably Renault ('BB'/Negative Outlook) which entered this recession with substantial financial debt.
Low profitability forecast by Fitch should also constrain the improvement in PSA's ('BB+'/'B' /Negative Outlook) and Daimler's ('BBB+'/'F2' /Negative Outlook) financial profiles next year.
Like Daimler which is exposed to the truck sector, Fiat's ('BB+'/'B'/Negative Outlook) faces the uncertainties and weak growth prospects of the truck, agricultural and construction equipment industries in 2010.
Volkswagen's ('BBB+'/'F2'/Stable Outlook) ratings are still supported by an above-average business profile, although its financial profile has deteriorated in the wake of the Porsche acquisition.
The major liquidity concerns facing the industry in late 2008/early 2009 have faded as credit markets reopened. All auto manufacturers accessed capital markets in 2009 and strengthened their liquidity positions.
Increased availability of funding has also supported financial services (FS) subsidiaries, although borrowing is now more expensive than before the start of the economic recession and auto industry crisis. A gradual stabilisation of auto manufacturers' credit profiles leading to declining borrowing costs, the modest improvement of the environment expected in 2010, and a confirmation of the recent recovery in used-car residual values should further support manufacturers' FS operations.
Fitch has also published today a comment on the European auto supply industry, entitled "2010 Another Difficult Year for European Auto Suppliers" and available on the agency's website, FitchResearch.
Imark
Forumer storico
E negativo anche l'andamento per il segmento dei produttori di componentistica, sempre secondo Fitch, nel prossimo anno. Anche qui, il calo delle vetture vendute inciderà sui volumi dei fornitori di componentistica.
Nel 2009, la produzione di nuovi autoveicoli e veicoli commerciali leggeri sarà risultata in calo del 20% sull'anno precedente, in quanto i produttori hanno operato per ridurre la produzione e smaltire il magazzino dopo la gelata delle vendite nel post - Lehman.
Fitch: European Auto Suppliers to Remain Challenged in 2010
23 Nov 2009 4:36 AM (EST)
Fitch Ratings-Frankfurt/Paris/London-23 November 2009: Fitch Ratings says today that the overall credit quality of the European automotive supply industry will likely remain under pressure in 2010.
The sector continues to face depressed and volatile vehicle production volumes as state incentives for new cars are phased out. This will challenge any marked recovery of the industry's depressed profitability levels, amid difficult economic conditions, despite ongoing restructuring and cost-savings measures. Moreover, supplier's liquidity will be tested once production activity ramps up and requires the financing of higher working capital.
"While the global auto markets should stabilize overall in 2010, it will be another tough year for European auto suppliers following the discontinuation of car scrapping schemes which artificially supported important markets like Germany and France," says Markus Leitner, Director in Fitch's European Corporates group. "At the same time, diversified suppliers with a strong global footprint should benefit from growth regions, particularly in Asia, which will help reduce further rating downside risk."
Although new car registrations in some countries in 2009 are above the previous year's level, fueled by state incentives, actual production figures fall significantly short of 2008. At end-2009, Fitch expects light vehicle production in Europe to be approximately 20% below the prior year, whilst sales are expected to have declined about 5%.
However, this production-sales mismatch, due to the destocking efforts of car manufacturers, should decline over time. Suppliers will benefit from any market recovery only after a time lag. The trend towards smaller cars is another challenge for technology-oriented western European suppliers, as profit margins are usually higher in the larger and premium car segments.
The slump in global automotive production has had a persistent negative impact on the credit quality of auto suppliers which has translated into several negative rating actions since H208. Despite ongoing strong liquidity, Fitch downgraded Robert Bosch GmbH's (Bosch) Short-term Issuer Default Rating (IDR) to 'F1' from 'F1+' in July 2009 on the expectation that the group's profitability and financial profile will not recover to pre-crisis levels in the foreseeable future.
Exacerbated by M&A issues in addition to the economic crisis, Continental AG's ratings have been downgraded multiple times on increasing concerns about its financial profile in combination with ongoing refinancing issues and uncertainties about the main shareholder's strategy. Continental AG's present ratings are 'B+'/'B'/Rating Watch Negative. The company intends to resolve its August 2010 EUR3.5bn refinancing risk by end-Q110, including an intended capital increase of EUR1bn-1.5bn.
Conversely, GKN Holding plc's (GKN, rated 'BB+'/'B') Outlook was revised to Stable from Negative in June 2009 due to a rights issue strengthening GKN's balance sheet and financial flexibility reducing the downside risk to the IDR.
While the liquidity profiles of many European suppliers have suffered in the downturn, the agency expects liquidity for most of Fitch's European publicly-rated universe to remain adequate, supported by longer-term financings and the extension of debt maturity profiles as several issuers have accessed the buoyant corporate bond market.
However, refinancing risk remains high, particularly for smaller companies with limited access to capital markets and because of banks increased risk awareness. Fitch is particularly concerned that a pick-up in production levels, which would require the financing of higher inventories and receivables, could overburden vulnerable suppliers with already stretched liquidity.
Fitch also remains concerned about the weak credit quality of leveraged automotive credits. This sector, including auto-parts suppliers and auto-related service providers, has seen the highest number of negative rating actions among Fitch's shadow rating universe during the last 15 months. As of Oct 2009, 87% of credits in the European leveraged auto sector are shadow-rated 'B-*' and below, compared with 69% as of July 2009 and 55% at June 2008. The majority of performing companies continue to have a Negative Outlook.
The ongoing divergence of credit profiles of well positioned global players and weaker more local tier-2/tier-3 suppliers will likely lead to further sector consolidation, propelled by material structural overcapacities. Fitch also expects the elevated level of bankruptcies seen in 2009 to continue into 2010.
Nel 2009, la produzione di nuovi autoveicoli e veicoli commerciali leggeri sarà risultata in calo del 20% sull'anno precedente, in quanto i produttori hanno operato per ridurre la produzione e smaltire il magazzino dopo la gelata delle vendite nel post - Lehman.
Fitch: European Auto Suppliers to Remain Challenged in 2010
23 Nov 2009 4:36 AM (EST)
Fitch Ratings-Frankfurt/Paris/London-23 November 2009: Fitch Ratings says today that the overall credit quality of the European automotive supply industry will likely remain under pressure in 2010.
The sector continues to face depressed and volatile vehicle production volumes as state incentives for new cars are phased out. This will challenge any marked recovery of the industry's depressed profitability levels, amid difficult economic conditions, despite ongoing restructuring and cost-savings measures. Moreover, supplier's liquidity will be tested once production activity ramps up and requires the financing of higher working capital.
"While the global auto markets should stabilize overall in 2010, it will be another tough year for European auto suppliers following the discontinuation of car scrapping schemes which artificially supported important markets like Germany and France," says Markus Leitner, Director in Fitch's European Corporates group. "At the same time, diversified suppliers with a strong global footprint should benefit from growth regions, particularly in Asia, which will help reduce further rating downside risk."
Although new car registrations in some countries in 2009 are above the previous year's level, fueled by state incentives, actual production figures fall significantly short of 2008. At end-2009, Fitch expects light vehicle production in Europe to be approximately 20% below the prior year, whilst sales are expected to have declined about 5%.
However, this production-sales mismatch, due to the destocking efforts of car manufacturers, should decline over time. Suppliers will benefit from any market recovery only after a time lag. The trend towards smaller cars is another challenge for technology-oriented western European suppliers, as profit margins are usually higher in the larger and premium car segments.
The slump in global automotive production has had a persistent negative impact on the credit quality of auto suppliers which has translated into several negative rating actions since H208. Despite ongoing strong liquidity, Fitch downgraded Robert Bosch GmbH's (Bosch) Short-term Issuer Default Rating (IDR) to 'F1' from 'F1+' in July 2009 on the expectation that the group's profitability and financial profile will not recover to pre-crisis levels in the foreseeable future.
Exacerbated by M&A issues in addition to the economic crisis, Continental AG's ratings have been downgraded multiple times on increasing concerns about its financial profile in combination with ongoing refinancing issues and uncertainties about the main shareholder's strategy. Continental AG's present ratings are 'B+'/'B'/Rating Watch Negative. The company intends to resolve its August 2010 EUR3.5bn refinancing risk by end-Q110, including an intended capital increase of EUR1bn-1.5bn.
Conversely, GKN Holding plc's (GKN, rated 'BB+'/'B') Outlook was revised to Stable from Negative in June 2009 due to a rights issue strengthening GKN's balance sheet and financial flexibility reducing the downside risk to the IDR.
While the liquidity profiles of many European suppliers have suffered in the downturn, the agency expects liquidity for most of Fitch's European publicly-rated universe to remain adequate, supported by longer-term financings and the extension of debt maturity profiles as several issuers have accessed the buoyant corporate bond market.
However, refinancing risk remains high, particularly for smaller companies with limited access to capital markets and because of banks increased risk awareness. Fitch is particularly concerned that a pick-up in production levels, which would require the financing of higher inventories and receivables, could overburden vulnerable suppliers with already stretched liquidity.
Fitch also remains concerned about the weak credit quality of leveraged automotive credits. This sector, including auto-parts suppliers and auto-related service providers, has seen the highest number of negative rating actions among Fitch's shadow rating universe during the last 15 months. As of Oct 2009, 87% of credits in the European leveraged auto sector are shadow-rated 'B-*' and below, compared with 69% as of July 2009 and 55% at June 2008. The majority of performing companies continue to have a Negative Outlook.
The ongoing divergence of credit profiles of well positioned global players and weaker more local tier-2/tier-3 suppliers will likely lead to further sector consolidation, propelled by material structural overcapacities. Fitch also expects the elevated level of bankruptcies seen in 2009 to continue into 2010.