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<item><link>http://www.alacrastore.com/storecontent/bir/1201040</link><bir:docid xmlns:bir="http://www.alacra.com/bir">1201040</bir:docid><guid isPermaLink="false">bir/1201040</guid><bir:index_mode xmlns:bir="http://www.alacra.com/bir">norm</bir:index_mode><bir:class xmlns:bir="http://www.alacra.com/bir">9</bir:class><bir:company xmlns:bir="http://www.alacra.com/bir">PMP Ltd.</bir:company><bir:cou xmlns:bir="http://www.alacra.com/bir">Australia</bir:cou><pubDate>29 Oct 2009 07:20:47 EST</pubDate><bir:descr xmlns:bir="http://www.alacra.com/bir">Manufacturing: Integrated media service company. 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Outlook Revised To Negative As Print Operations Weaken; 'BB+' Ratings Affirmed</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:type><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Australia</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Commercial Printing</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Pacific</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Media &amp; Entertainment</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Research Update</spcred:index_entry_disptype><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">AUS</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">20201010 202010 2020 20</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">PMP Ltd.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">300077</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">PAC</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">PMP@AU</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">RESUPD</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">LEVFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Media</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/686914</link><guid isPermaLink="false">spcred/686914</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>01 Dec 2008 08:54:58 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><title>PMP Ltd.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">686914</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Australia</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Commercial Printing</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Pacific</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Media &amp; Entertainment</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Highly competitive markets, exacerbated by periodic overcapacity High fixed costs Cyclical end-user markets Volatile raw-material costs Largest commercial printer in Australia and New Zealand, with leading market shares in several key print segments Improving operating efficiency after the recent press upgrades Significant portion of revenue under long-term contracts The rating on PMP Ltd. reflects the Australian-based printing company's strong market share, strengthening financial profile, and improving operating efficiency. These factors are offset by the mature, cyclical, and competitive markets in which the company operates, PMP's inherently high operating leverage, and its exposure to volatile key input costs. As the largest commercial printing company in Australia and New Zealand, PMP enjoys high market shares in several key print segments. The group</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">AUS</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">20201010 202010 2020 20</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">PMP Ltd.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">300077</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">PAC</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">PMP@AU</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Media</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/686915</link><guid isPermaLink="false">spcred/686915</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>01 Dec 2008 08:54:58 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: PMP Ltd.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">686915</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Australia</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Commercial Printing</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Pacific</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Media &amp; Entertainment</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The rating on PMP Ltd. reflects the Australian-based printing company's strong market share, strengthening financial profile, and improving operating efficiency. These factors are offset by the mature, cyclical, and competitive markets in which the company operates, PMP's inherently high operating leverage, and its exposure to volatile key input costs. As the largest commercial printing company in Australia and New Zealand, PMP enjoys high market shares in several key print segments. The group derives the majority of its print revenue from high-volume, high-quality, heat-set web printing, which is considerably more concentrated than the broader print market; PMP accounts for about half of total heat-set industry volumes. Notwithstanding its strong market position, the company is subject to price competition, which can be</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">AUS</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">20201010 202010 2020 20</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">PMP Ltd.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">300077</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">PAC</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">PMP@AU</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Media</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item></channel></rss>