Imark
Forumer storico
Intanto Fitch mette sotto osservazione per una riduzione il rating di Saint Gobain. La debolezza della performance, legata all'andamento non positivo dei mercati dei materiali da costruzione e dell'automotive, dovrebbe incidere su alcuni parametri chiave per la conservazione del rating attuale, quale il leverage (che, essendo per le agenzie rapporto fra debito netto ed EBITDA, cresce alla contrazione di tale ultimo dato quand'anche il primo restasse invariato).
Buona la posizione di liquidità, rafforzata non poco dal recente adc per 1,5 mld euro, con una disponibilità di cash ed equivalenti indicata da Fitch in 1,9 mld euro ai quali si aggiungono linee di credito per 3,2 mld euro a fronte di debito in scadenza + servizio al debito lungo per 3,2 mld euro nei prossimi 12 mesi
Fitch Places Saint-Gobain's 'BBB+' Rating on Negative Watch
05 May 2009 12:44 PM (EDT)
Fitch Ratings-London/Milan/Paris-05 May 2009: Fitch Ratings has today placed France-based building materials group Compagnie de Saint-Gobain's (Saint-Gobain) Long-term Issuer Default Rating (IDR) and senior unsecured rating of 'BBB+', respectively, on Rating Watch Negative (RWN). Fitch has simultaneously affirmed Saint-Gobain's Short-term IDR at 'F2'.
The RWN reflects Fitch's concern that difficult trading conditions in the building materials sector are likely to persist during 2009, increasing negative pressure on cash flow and operational performance.
The agency notes that Saint-Gobain recently reported a 14.8% and 14.9% decline in revenue on a reported and like-for-like basis during Q109, as a result of increasing negative market conditions.
The company's revenue was also negatively affected by adverse weather conditions in Europe and the United States, which is an inherent risk in the construction industry.
However, the agency notes that a number of players in the less seasonal basic materials universe - chemicals and steel - who are also exposed to the automotive and industrial end customer segment like Saint-Gobain, have also in the vast majority of cases reported weak Q109 financial results.
A number of basic materials companies have also issued statements underlining a continued lack of visibility, and/or profit warnings in a few cases, showing the depth of the global economic recession (please see the 31 March 2009 comment, entitled "Global Economic Outlook, 31 March 2009", for further information which is available on Fitch's subscriber website, www.fitchresearch.com).
Fitch believes Saint-Gobain's management has reacted appropriately to the current economic downturn with an action plan which includes among other measures a EUR1.5bn rights issue, significant cost cutting, optimisation of cash flow through working capital management and a curb on capex.
However, the agency is concerned that these measures may not be sufficient to offset the impact of weakening end market conditions, particularly in the construction and automotive sectors.
Fitch expects to resolve the RWN within the next two months. Over this period the agency will meet with Saint-Gobain's management and discuss and assess the likely impact of the increased cash preservation measures announced in conjunction with Q109 sales.
Fitch may downgrade Saint-Gobain's Long-term IDR by one notch if the agency believes that measures implemented by the group to cope with the deteriorating market environment are not sufficient to remain within the parameters commensurate with the present rating.
These parameters include a lease adjusted net debt/EBITDA ratio below 3x. Fitch considers Saint-Gobain's liquidity position as adequate.
At FYE08, Saint-Gobain had cash and liquid investments of EUR1.9bn (EUR1.3bn at FYE07). Saint-Gobain also had in place available committed credit lines of EUR3.2bn. Therefore, cash and available credit lines totalled liquidity of EUR5.1n at FYE08 against maturities within the next 12 months, including short term debt and the current portion of long term debt, of EUR3.3bn.
During January 2009, the group accessed the debt capital markets with a EUR1bn 5-year issue to refinance existing debt. Saint-Gobain's ratings continue to reflect its leading market positions, geographical diversification and focus on innovation.
Revenue and EBITDA totalled EUR43.8bn and EUR5.2bn in 2008.
Buona la posizione di liquidità, rafforzata non poco dal recente adc per 1,5 mld euro, con una disponibilità di cash ed equivalenti indicata da Fitch in 1,9 mld euro ai quali si aggiungono linee di credito per 3,2 mld euro a fronte di debito in scadenza + servizio al debito lungo per 3,2 mld euro nei prossimi 12 mesi
Fitch Places Saint-Gobain's 'BBB+' Rating on Negative Watch
05 May 2009 12:44 PM (EDT)
Fitch Ratings-London/Milan/Paris-05 May 2009: Fitch Ratings has today placed France-based building materials group Compagnie de Saint-Gobain's (Saint-Gobain) Long-term Issuer Default Rating (IDR) and senior unsecured rating of 'BBB+', respectively, on Rating Watch Negative (RWN). Fitch has simultaneously affirmed Saint-Gobain's Short-term IDR at 'F2'.
The RWN reflects Fitch's concern that difficult trading conditions in the building materials sector are likely to persist during 2009, increasing negative pressure on cash flow and operational performance.
The agency notes that Saint-Gobain recently reported a 14.8% and 14.9% decline in revenue on a reported and like-for-like basis during Q109, as a result of increasing negative market conditions.
The company's revenue was also negatively affected by adverse weather conditions in Europe and the United States, which is an inherent risk in the construction industry.
However, the agency notes that a number of players in the less seasonal basic materials universe - chemicals and steel - who are also exposed to the automotive and industrial end customer segment like Saint-Gobain, have also in the vast majority of cases reported weak Q109 financial results.
A number of basic materials companies have also issued statements underlining a continued lack of visibility, and/or profit warnings in a few cases, showing the depth of the global economic recession (please see the 31 March 2009 comment, entitled "Global Economic Outlook, 31 March 2009", for further information which is available on Fitch's subscriber website, www.fitchresearch.com).
Fitch believes Saint-Gobain's management has reacted appropriately to the current economic downturn with an action plan which includes among other measures a EUR1.5bn rights issue, significant cost cutting, optimisation of cash flow through working capital management and a curb on capex.
However, the agency is concerned that these measures may not be sufficient to offset the impact of weakening end market conditions, particularly in the construction and automotive sectors.
Fitch expects to resolve the RWN within the next two months. Over this period the agency will meet with Saint-Gobain's management and discuss and assess the likely impact of the increased cash preservation measures announced in conjunction with Q109 sales.
Fitch may downgrade Saint-Gobain's Long-term IDR by one notch if the agency believes that measures implemented by the group to cope with the deteriorating market environment are not sufficient to remain within the parameters commensurate with the present rating.
These parameters include a lease adjusted net debt/EBITDA ratio below 3x. Fitch considers Saint-Gobain's liquidity position as adequate.
At FYE08, Saint-Gobain had cash and liquid investments of EUR1.9bn (EUR1.3bn at FYE07). Saint-Gobain also had in place available committed credit lines of EUR3.2bn. Therefore, cash and available credit lines totalled liquidity of EUR5.1n at FYE08 against maturities within the next 12 months, including short term debt and the current portion of long term debt, of EUR3.3bn.
During January 2009, the group accessed the debt capital markets with a EUR1bn 5-year issue to refinance existing debt. Saint-Gobain's ratings continue to reflect its leading market positions, geographical diversification and focus on innovation.
Revenue and EBITDA totalled EUR43.8bn and EUR5.2bn in 2008.
