Henkel ratings raised to 'A/A-1' on improved financial profile - S&P |
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Published
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Thu, 19 Apr 2007 14:47
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it raised its long- and short-term corporate credit ratings on Germany-based branded consumer goods manufacturer Henkel KGaA to 'A/A-1' from 'A-/A-2', owing to the group's improved financial profile, with a stable outlook.'The upgrade follows Henkel's recently strengthened debt-cover ratios and a shift to a more conservative financial policy after a series of debt-funded acquisitions over the past few years,' said Standard & Poor's credit analyst Michael Seewald.The ratings are however constrained by the companys continued below-peer profitability and weaker geographic diversification compared with peers, despite a series of acquisitions in the US and organic expansion in emerging markets.'The stable outlook reflects our expectation that Henkel's financial profile, supported by a continuing conservative financial policy, will sustain the current level of adjusted FFO to debt of 45 pct -50 pct and total adjusted debt to EBITDA of about 1.5x,' said Seewald.tf.TFN-Europ_newsdesk@thomson.compcm/icCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Four MBS transactions ratings raised after Commerzbank, Eurohypo upgrade - S&P 