Belvedere S.A. http://www.alacrastore.com/company-snapshot/Belvedere_S_A-2014651 Sunday, September 07, 2008 3:26:26 AM 2014651 Belvedere S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/664399spcred/664399normThe latest Full Report from S&Pglobal8/11/2008 1:41:56 PM400Full Report664399FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsFull ReportLeading position for vodka in Polish core market Geographic and product diversity improvements Currently under French safeguard proceeding Operations falling short of management guidance The ratings on France-based spirits and wine producer Belvedere S.A. reflect the company's filing for safeguard proceeding ("procédure de sauvegarde") on July 16, 2008. At March 31, 2008, the group had total unadjusted financial debt of €564 million. Belvedere's voluntary filing for safeguard proceeding came after a breach in the senior secured notes' payment restriction covenants. Although this did not automatically trigger a default under the documentation, there was evidence that bondholders were about to request remedy for the covenant breach. This could have translated into an acceleration in the repayment of the group's senior securedFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/664403spcred/664403normThe latest Summary from S&Pglobal8/11/2008 1:41:56 PM175Summary664403FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on France-based spirits and wine producer Belvedere S.A. reflect the company's filing for safeguard proceeding ("procédure de sauvegarde") on July 16, 2008. At March 31, 2008, the group had total unadjusted financial debt of €564 million. Belvedere's voluntary filing for safeguard proceeding came after a breach in the senior secured notes' payment restriction covenants. Although this did not automatically trigger a default under the documentation, there was evidence that bondholders were about to request remedy for the covenant breach. This could have translated into an acceleration in the repayment of the group's senior secured debt, which would have gone beyond Belvedere's refinancing capacities despite its intention to pay back debt through a series of asset divestments. Although BelvedereFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_159630_809427775moodys/PR_159630_809427775htmlGlobal Credit Research Rating Action ## JUL #### Rating Action: Belvedere S.A. Moody's downgrades all ratings of Belvedere, CFR at Caa# Approximately EUR### million of rated debt affected Milan, July ##, #### -- Moody's Investors Service...7/22/2008 12:28:07 AMhtmlBelvedere S.A.Belvedere S.A.809427775150.0000NewsRating ActionPR_159630_809427775Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660438spcred/660438normThe latest Research Update from S&Pglobal7/18/2008 3:25:16 PM175Research Update660438FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn July 18, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on France-based spirits and wine producer and supplier Belvedere S.A. (Belvedere) to 'D' from 'B-', owing to the company's filing for safeguard proceeding ("procédure de sauvegarde"). At the same time, Standard&Poor's lowered its rating on Belvedere's €375 million senior secured floating-rate notes to 'D' from 'B-'. The recovery rating on the notes remains unchanged at '4', indicating our expectations of average (30%-50%) recovery for noteholders in the event of a payment default. At March 31, 2008, the group had total unadjusted debt of €564 million. Although the company has not so far missed any interest or principal payments, as per our general criteriaFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPRESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660380spcred/660380normThe latest News from S&Pglobal7/18/2008 1:11:16 PM100News660380FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsNewsPARIS (Standard&Poor's) July 18, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit rating on France-based spirits and wine producer and supplier Belvedere S.A. (Belvedere) to 'D' from 'B-', owing to the company's filing for safeguard proceeding ("procédure de sauvegarde"). At the same time, Standard&Poor's lowered its rating on Belvedere's €375 million senior secured floating-rate notes to 'D' from 'B-'. The recovery rating on the notes remains unchanged at '4', indicating our expectations of average (30%-50%) recovery for noteholders in the event of a payment default. At March 31, 2008, the group had total unadjusted debt of €564 million. "Although the company has not so far missed any interest or principalFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPNEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit ResearchFRANCE - An investor group, comprised of Belvedere SA's (BE) CEO Mr. Jacques Rouvroy and COO Mr. Christophe Trylinski was rumored to be planning to acquire an undisclosed stake in BE, a Beaune-based producer and wholesaler of liquor and wines.7/4/2008 11:06:11 AM46145M08117C46145M08117CInvestor GroupBelvedere SAInvestor GroupBelvedere SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Investor_Group_is_rumored_to_be_looking_for_a_minority_stake_in_Belvedere_SA-1993017040sdc/19930170401993017040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesFranceInvestors, nec6799FFForeignPrivate6799:Investors, nec6799:Investors, necParisFood and Kindred ProductsFranceWines, brandy, and brandy spirits2084FFForeignPublicBVD9920001Investor groupProduce,whl liquor,winesNot ApplicableStock452549001Jul 4 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Investor groupInvestor groupInvestor group1.000002.000003.000004.000005.000006.000007.000008.00000Belvedere SA, located inBeaune, France, produces andwholesales hard liquor andwines including vodka, spiritsand Bulgarian wine. It hasoperations in the US, Russia,Poland, Bulgaria, France,Czech Republic and Lithuania.Belvedere SA, located in Beaune, France, produces andwholesales hard liquor and wines including vodka, spiritsand Bulgarian wine. It has operations in the US, Russia,Poland, Bulgaria, France, Czech Republic and Lithuania.Belvedere SA, located in Beaune, France, produces and wholesales hard liquor and wines including vodka, spirits and Bulgarian wine. It has operations in the US, Russia, Poland, Bulgaria, France, Czech Republic and Lithuania.0.000000.000000.000002.51000N02 Jul 08Wed, 02 Jul 2008 00:00:00 ESTDate Announced: 07/02/2008Date Effective:Acq. Part. Int.Not Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.00000FRANCE - An investor group,comprised of Belvedere SA's(BE) CEO Mr. Jacques Rouvroyand COO Mr. ChristopheTrylinski was rumored to beplanning to acquire anundisclosed stake in BE, aBeaune-based producer andwholesaler of liquor andwines.FRANCE - An investor group, comprised of Belvedere SA's (BE) CEO Mr. Jacques Rouvroy and COO Mr. Christophe Trylinski was rumored to be planning to acquire an undisclosed stake in BE, a Beaune-based producer and wholesaler of liquor and wines.FRANCE - An investor group, comprised of Belvedere SA's (BE) CEO Mr. Jacques Rouvroy andCOO Mr. Christophe Trylinski was rumored to be planning to acquire an undisclosed stake inBE, a Beaune-based producer and wholesaler of liquor and wines.FRANCE - An investor group, comprised of Belvedere SA's (BE) CEO Mr. Jacques Rouvroy and COO Mr. Christophe Trylinski was rumored to be planning to acquire an undisclosed stake in BE, a Beaune-basedproducer and wholesaler of liquor and wines.FRANCE - An investor group, comprised of Belvedere SA's (BE) CEO Mr. Jacques Rouvroy and COO Mr. Christophe Trylinski was rumored to beplanning to acquire an undisclosed stake in BE, a Beaune-based producer and wholesaler of liquor and wines.Rumor0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Rumor-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002084:Wines, brandy, and brandy spirits2085:Distilled and blended liquors5182:Wine and distilled alcoholic beverages9920001Unknown6799ForeignPrivate2084:Wines, brandy, and brandy spirits2085:Distilled and blended liquors5182:Wine and distilled alcoholic beverages452549001ParisFrance2084ForeignPublicBVD0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/COP_809427775moodys/COP_809427775htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: Belvedere S.A. Belvedere S.A. Paris, France Ratings Category Moody's Rating Outlook Negative Corporate Family Rating Caa# Senior Secured -Dom Curr Caa#/LGD# Contacts...6/21/2008 12:34:00 AMhtmlBelvedere S.A.Belvedere S.A.809427775150.0000NewsCredit OpinionCOP_809427775Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655060spcred/655060normThe latest Research Update from S&Pglobal6/19/2008 3:37:33 PM175Research Update655060FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn June 19, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit and senior secured debt ratings on France-based spirits and wine producer and supplier Belvedere S.A. to 'B-' from 'B'. At the same time, we placed the ratings on CreditWatch with negative implications. The downgrade and CreditWatch placement follow the stronger-than-anticipated default potential that Belvedere faces, based on audited 2007 financial statements. One of the auditors has expressed reserves relating to a potential covenant breach in the group's senior secured debt. In addition, operating setbacks in 2007 and the group's high leverage--despite intentions to reduce debt--make any near-term upgrade unlikely. The ratings reflect Belvedere's highly leveraged financial profile, resulting from its debt-financed expansion strategy, and the group'sFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPRESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655055spcred/655055normThe latest Research Update from S&Pglobal6/19/2008 3:37:32 PM175Research Update655055FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn June 19, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit and senior secured debt ratings on France-based spirits and wine producer and supplier Belvedere S.A. to 'B-' from 'B'. At the same time, we placed the ratings on CreditWatch with negative implications. The downgrade and CreditWatch placement follow the stronger-than-anticipated default potential that Belvedere faces, based on audited 2007 financial statements. One of the auditors has expressed reserves relating to a potential covenant breach in the group's senior secured debt. In addition, operating setbacks in 2007 and the group's high leverage--despite intentions to reduce debt--make any near-term upgrade unlikely. The ratings reflect Belvedere's highly leveraged financial profile, resulting from its debt-financed expansion strategy, and the group'sFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPRESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655054spcred/655054normThe latest News from S&Pglobal6/19/2008 3:37:00 PM100News655054FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsNewsPARIS (Standard&Poor's) June 19, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit and senior secured debt ratings on France-based spirits and wine producer and supplier Belvedere S.A. to 'B-' from 'B'. At the same time, we placed the ratings on CreditWatch with negative implications. "The downgrade and CreditWatch placement follow the stronger-than-anticipated default potential that Belvedere faces, based on audited 2007 financial statements," said Standard&Poor's credit analyst Michael Seewald. "One of the auditors has expressed reserves relating to a potential covenant breach in the group's senior secured debt." In addition, operating setbacks in 2007 and the group's high leverage--despite intentions to reduce debt--make any near-term upgrade unlikely. The ratings reflectFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPNEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_157522_809427775moodys/PR_157522_809427775htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: Belvedere S.A. Moody's downgrades Belvedere to Caa#; negative outlook Approximately EUR### million of rated debt affected Milan, June ##, #### -- Moody's Investors Service...6/19/2008 12:42:55 AMhtmlBelvedere S.A.Belvedere S.A.809427775150.0000NewsRating ActionPR_157522_809427775Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/bir/460201bir/460201normBelvedere S.A.FranceManufacturing: Production of hard liquor and Bulgarian wines20843121309FK6/14/2008 6:37:05 AM460201Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/649856spcred/649856normThe latest Research Update from S&Pglobal5/22/2008 3:22:10 PM175Research Update649856FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn May 22, 2008, Standard&Poor's Ratings Services revised the outlook on France-based spirits and wine producer and supplier Belvedere S.A. to stable from positive. At the same time, the 'B' long-term corporate credit rating was affirmed. The outlook revision follows the stronger-than-expected decline of Belvedere's operating results in 2007. Despite the group's intention to reduce debt, operating setbacks in 2007 and high debt leverage make any near-term upgrade of Belvedere unlikely. The ratings reflect Belvedere's highly leveraged financial profile resulting from its debt-financed expansion strategy. Partially mitigating factors are Belvedere's increasingly diversified product mix and geographic reach following acquisitions, combined with ownership of some brands with leading market shares in the group's core Polish and French markets. Belvedere'sFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPRESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649827spcred/649827normThe latest News from S&Pglobal5/22/2008 12:56:27 PM100News649827FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsNewsPARIS (Standard&Poor's) May 22, 2008--Standard&Poor's Ratings Services said today that it revised the outlook on France-based spirits and wine producer and supplier Belvedere S.A. to stable from positive. At the same time, the 'B' long-term corporate credit rating was affirmed. The €375 million senior secured floating-rate notes due 2013 issued by Belvedere remain rated 'B', in line with the corporate credit rating. The recovery rating remains unchanged at '4', indicating our expectation of average (30%-50%) recovery in the event of a payment default. "The outlook revision follows the stronger-than-expected decline of Belvedere's operating results in 2007," said Standard&Poor's credit analyst Michael Seewald. "Despite the group's intention to reduce debt, operating setbacks in 2007 andFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPNEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649828spcred/649828normThe latest Research Update from S&Pglobal5/22/2008 12:56:27 PM175Research Update649828FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn May 22, 2008, Standard&Poor's Ratings Services revised the outlook on France-based spirits and wine producer and supplier Belvedere S.A. to stable from positive. At the same time, the 'B' long-term corporate credit rating was affirmed. The outlook revision follows the stronger-than-expected decline of Belvedere's operating results in 2007. Despite the group's intention to reduce debt, operating setbacks in 2007 and high debt leverage make any near-term upgrade of Belvedere unlikely. The ratings reflect Belvedere's highly leveraged financial profile resulting from its debt-financed expansion strategy. Partially mitigating factors are Belvedere's increasingly diversified product mix and geographic reach following acquisitions, combined with ownership of some brands with leading market shares in the group's core Polish and French markets. Belvedere'sFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPRESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/631894spcred/631894normThe latest Summary from S&P2/21/2008 1:22:29 PMSummary175global631894FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsSummaryThe rating on France-based spirits and wine producer and supplier Belvedere S.A. reflects its highly leveraged financial profile resulting from its debt-financed expansion strategy in recent years. It also reflects the combined group's exposure to the highly competitive, mature, and consolidating French and Polish spirit and wine industries and positioning in the low- and midmarket segments. These negative rating factors are partially mitigated by Belvedere's increasingly diversified product mix and geographic reach following its acquisitions, and ownership of some brands with leading market shares in the group's Polish and French core markets. Belvedere's debt leverage remained high over 2007, and rising interest charges due to the group's high share of floating rate debt are weighing increasingly on the group's capacityFRA30201020 302010 3020 30Belvedere S.A.400470EUROMIDAFRBVD@FPSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Research