Wendel Investissement S.A. http://www.alacrastore.com/company-snapshot/Wendel_Investissement_S_A-1023331 Saturday, October 11, 2008 9:53:53 PM 1023331 Wendel Investissement S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/676010spcred/676010normThe latest News from S&Pglobal10/9/2008 9:03:00 PM100News676010FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyConsumer ProductsNewsSTOCKHOLM (Standard&Poor's) Oct. 9, 2008--Standard&Poor's Ratings Services today lowered its long-term ratings on French investment holding company Wendel, including the long-term corporate credit rating, to 'BB+' from 'BBB-'. These ratings were also placed on CreditWatch with negative implications. We also lowered the short-term rating on the company to 'B' from 'A-3'. "The rating actions reflect the continued decline of equity markets and the immediate negative effects on Wendel's loan-to-value (LTV) ratio, based on spot values," said Standard&Poor's credit analyst Andreas Kindahl. "The exceptionally challenging financial market conditions have weakened the company's financial profile beyond what is tolerable for an investment-grade rating. Wendel's liquidity position remains strong, however, resulting from a long average debt maturityFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSGLOBISSCORPHealthHighConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/676011spcred/676011normThe latest Research Update from S&Pglobal10/9/2008 3:37:00 PM175Research Update676011FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyConsumer ProductsResearch UpdateOn Oct. 9, 2008, Standard&Poor's Ratings Services lowered its long-term ratings on French investment holding company Wendel, including the long-term corporate credit rating, to 'BB+' from 'BBB-'. These ratings were also placed on CreditWatch with negative implications. We also lowered the short-term rating on the company to 'B' from 'A-3'. The rating actions reflect the continued decline of equity markets and the immediate negative effects on Wendel's loan-to-value (LTV) ratio, based on spot values. The exceptionally challenging financial market conditions have weakened the company's financial profile beyond what is tolerable for an investment-grade rating. Wendel's liquidity position remains strong, however, resulting from a long average debt maturity structure and significant cash balances at hand. Continued sharp deterioration ofFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPRESUPDGLOBISSCORPHealthHighConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674737spcred/674737normThe latest News from S&Pglobal10/2/2008 3:29:00 PM100News674737FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsBuilding MaterialsConsumer ProductsHealth CareHigh TechnologyNewsPARIS (Standard&Poor's) Oct. 2, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on French holding company Wendel (BBB-/Negative/A-3) were unchanged amid the ongoing deterioration of financial markets and recent additional fall in share prices of some of its investments, notably Compagnie de Saint-Gobain (BBB+/Stable/A-2) and Legrand S.A. (BBB/Stable/A-2), which have fallen by 14% and 17%, respectively, since mid-August. The dismal equity market conditions continue to pressure Wendel's ratings and have challenged its capacity to return to a loan-to-value (LTV) ratio below 40% by year-end 2008 (computed on spot values). Nevertheless, we believe that the company can still achieve the targeted leverage reduction through ongoing portfolio rotation. In addition, Wendel's liquidity remains adequate, underpinned byFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSFRA20428020428JF2005M20428L31733720428M20102010 201020 2010 2020104010 201040 2010 20Compagnie de Saint-GobainLegrand S.A.112469368932LATAMERICAUSAEUROMIDAFRASIAEMERGINGCOD@LNLR@FPGLOBISSCORPCapitalBuildingConsumerHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/664924spcred/664924normThe latest News from S&Pglobal8/13/2008 1:22:06 PM100News664924FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHigh TechnologyConsumer ProductsHealth CareNewsPARIS (Standard&Poor's) Aug. 13, 2008--Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on French investment holding company Wendel and removed them from CreditWatch with negative implications, where they were placed on June 25, 2008. The outlook is negative. "The affirmation reflects Wendel's efforts and commitment to gradually restore its financial profile and financial flexibility in line with our expectations for the rating," said Standard&Poor's credit analyst Pierre Georges. In addition, we expect that the group will adopt more conservative investment strategies following the highly leveraged investment in Compagnie de Saint-Gobain (BBB+/Stable/A-2) last year, which has weighed on Wendel's performance. The negative outlook primarily reflects current excessive leverage. "We expect WendelFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSGLOBISSCORPHighConsumerHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/664925spcred/664925normThe latest Research Update from S&Pglobal8/13/2008 1:22:00 PM175Research Update664925FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsCapital GoodsBuilding MaterialsConsumer ProductsHealth CareHigh TechnologyResearch UpdateOn Aug. 13, 2008, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on French investment holding company Wendel and removed them from CreditWatch with negative implications, where they were placed on June 25, 2008. The outlook is negative. The affirmation reflects Wendel's efforts and commitment to gradually restore its financial profile and financial flexibility in line with our expectations for the rating. In addition, we expect that the group will adopt more conservative investment strategies following the highly leveraged investment in Compagnie de Saint-Gobain (BBB+/Stable/A-2) last year, which has weighed on Wendel's performance. Share prices have significantly fallen since the beginning of June 2008, notably on two out of Wendel's three main listed assets,FRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPRESUPDFRA20428020428J20428M20428LF2005M31733720102010 201020 2010 2020104010 201040 2010 20Compagnie de Saint-GobainLegrand S.A.112469368932ASIAEUROMIDAFRLATAMERICAUSAEMERGINGCOD@LNLR@FPGLOBISSCORPCapitalBuildingConsumerHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656062spcred/656062normThe latest News from S&Pglobal6/25/2008 1:09:47 PM100News656062FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHigh TechnologyConsumer ProductsHealth CareNewsPARIS (Standard&Poor's) June 25, 2008--Standard&Poor's Ratings Services said today that it has placed its 'BBB-/A-3' long- and short-term corporate credit ratings on French investment holding company Wendel on CreditWatch with negative implications, as the group's gearing has increased as a consequence of depressed market conditions and the continued reduction in the share price of some of its assets over the past couple of weeks. "The CreditWatch placement reflects the deterioration of financial markets and the resulting pressure on Wendel's adjusted loan-to-value ratio," said Standard&Poor's credit analyst Pierre Georges. This has offset the positive effects of the company's recent asset disposals. Share prices have significantly fallen, notably on two out of Wendel's three main listedFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSGLOBISSCORPHighConsumerHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656063spcred/656063normThe latest Research Update from S&Pglobal6/25/2008 1:09:47 PM175Research Update656063FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsHealth CareHigh TechnologyResearch UpdateOn June 25, 2008, Standard&Poor's Rating Services placed its 'BBB-/A-3' long- and short-term corporate credit ratings on French investment holding company Wendel on CreditWatch with negative implications, as the group's gearing has increased as a consequence of depressed market conditions and the continued reduction in the share price of some of its assets over the past couple of weeks. The CreditWatch placement reflects the deterioration of financial markets and the resulting pressure on Wendel's adjusted loan-to-value (LTV) ratio. This has offset the positive effects of the company's recent asset disposals. Share prices have significantly fallen, notably on two out of Wendel's three main listed assets, Compagnie de Saint-Gobain (BBB+/Stable/A-2) and Legrand S.A. (BBB/Stable/A-2), which are down 21% andFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPRESUPDGLOBISSCORPConsumerHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643375spcred/643375normThe latest Research Update from S&Pglobal4/17/2008 3:24:08 PM175Research Update643375FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyResearch UpdateOn April 17, 2008, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on French investment holding company Wendel and removed them from CreditWatch with negative implications, where they were placed on Jan. 21, 2008. The outlook is negative. The rating affirmation reflects our expectations that the group will adopt a more conservative investment strategy and will take actions to reduce leverage, following its highly leveraged investment in Compagnie de Saint-Gobain (BBB+/Stable/A-2). The affirmation also takes into account our expectation of an improved level of disclosure from the company going forward, notably regarding the Saint-Gobain investment, and the stabilization in the value of Wendel's assets over the past weeks. The rating action also reflects ourFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPRESUPDGLOBISSCORPHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643374spcred/643374normThe latest News from S&Pglobal4/17/2008 3:24:00 PM100News643374FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyNewsPARIS (Standard&Poor's) April 17, 2008--Standard&Poor's Ratings Services said today that it has affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on French investment holding company Wendel and removed them from CreditWatch with negative implications, where they were placed on Jan. 21, 2008. The outlook is negative. "The rating affirmation reflects our expectations that the group will adopt a more conservative investment strategy and will take actions to reduce leverage, following its highly leveraged and aggressively structured investment in Compagnie de Saint-Gobain," said Standard&Poor's credit analyst Pierre Georges. The affirmation also takes into account our expectations of an improved level of disclosure from the company expected going forward, notably regarding the Saint-Gobain investment, andFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSGLOBISSCORPHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/627679spcred/627679normThe latest News from S&P1/25/2008 3:53:27 PMNews100global627679FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyBuilding MaterialsNewsPARIS (Standard&Poor's) Jan. 25, 2008—Standard&Poor's Ratings Services said today that it lowered its long- and short-term corporate credit ratings on French investment holding company Wendel to 'BBB-/A-3' from 'BBB/A-2'. The ratings remain on CreditWatch with negative implications. The downgrade follows Wendel's increasing financial leverage, which is no longer in line with a 'BBB' rating. Wendel's corporate communication to date is a further rating constraint, given the quality and frequency of the company's public disclosures, notably on the Compagnie de Saint-Gobain (SG; BBB+/Stable/A-2) transaction. The rating action also reflects our opinion that the company's financial flexibility remains adequate and that all ratings on Wendel, including the bond ratings, remain investment grade. "The ratings on Wendel continue toFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSFRAF2005M20428M20428J20428L20428020102010 201020 2010 20Compagnie de Saint-Gobain112469LATAMERICAEMERGINGEUROMIDAFRUSAASIACOD@LNGLOBISSCORPHealthHighBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/627680spcred/627680normThe latest Research Update from S&P1/25/2008 3:53:27 PMResearch Update175global627680FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyBuilding MaterialsResearch UpdateOn Jan. 25, 2008, Standard&Poor's Ratings Services lowered its long- and short-term corporate credit ratings on French investment holding company Wendel to 'BBB-/A-3' from 'BBB/A-2'. The ratings remain on CreditWatch with negative implications. The downgrade follows Wendel's increasing financial leverage, which is no longer in line with a 'BBB' rating. Wendel's corporate communication to date is a further rating constraint, given the quality and frequency of the company's public disclosures, notably on the Compagnie de Saint-Gobain (SG; BBB+/Stable/A-2) transaction. The rating action also reflects our opinion that the company's financial flexibility remains adequate and that all ratings on Wendel, including the bond ratings, remain investment grade. Financial market turbulence and the decline in the share prices of mostFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPRESUPDFRA20428J20428L20428M204280F2005M20102010 201020 2010 20Compagnie de Saint-Gobain112469EUROMIDAFRUSAEMERGINGASIALATAMERICACOD@LNGLOBISSCORPHealthHighBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/626825spcred/626825normThe latest News from S&P1/21/2008 3:28:49 PMNews100global626825FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyNewsOn Jan. 21, 2008, Standard&Poor's Rating Services placed its 'BBB/A-2' long- and short-term corporate credit ratings on French investment holding company Wendel on CreditWatch with negative implications, as the group's credit metrics have substantially suffered from the sharp deterioration of the financial markets over the past few weeks. The share price of most of Wendel's assets has significantly fallen, including its stakes in vehicles owning a 17.9% share in Compagnie de Saint-Gobain (SG; BBB+/Stable/A-2). SG's share price is now down 30% on the average purchase price announced by Wendel in November 2007. Leverage and asset coverage, as measured by the loan-to-value (LTV) ratio, are now well above the 25% ceiling for a 'BBB' rating. "In resolving the CreditWatchFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSGLOBISSCORPHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/626826spcred/626826normThe latest Research Update from S&P1/21/2008 3:28:49 PMResearch Update175global626826FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyResearch UpdateOn Jan. 21, 2008, Standard&Poor's Rating Services placed its 'BBB/A-2' long- and short-term corporate credit ratings on French investment holding company Wendel on CreditWatch with negative implications, as the group's credit metrics have substantially suffered from the sharp deterioration of the financial markets over the past few weeks. The share price of most of Wendel's assets has significantly fallen, including its stakes in vehicles owning a 17.9% share in Compagnie de Saint-Gobain (SG; BBB+/Stable/A-2). SG's share price is now down 30% on the average purchase price announced by Wendel in November 2007. Leverage and asset coverage, as measured by the loan-to-value (LTV) ratio, are now well above the 25% ceiling for a 'BBB' rating. In resolving the CreditWatchFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPRESUPDGLOBISSCORPHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/620023spcred/620023normThe latest Full Report from S&P12/14/2007 3:49:11 PMFull Report400global620023FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologyFull ReportAdequate liquidity of the investment portfolio Satisfactory overall asset quality Sound track record in driving subsidiaries' development and operational management Long-dated debt maturity structure More aggressive financial profile overall with use of increasingly sophisticated financial arrangements Sometimes aggressive debt leverage at operational subsidiary level Moderate portfolio diversification The ratings on French holding company Wendel reflect the good quality and adequate liquidity of its investment portfolio; its selective strategy of focusing on assets with solid business risk profiles, albeit sometimes with highly leveraged capital structures; and the adequate financial flexibility of the group. These strengths are offset by the company's intermediate financial profile and moderate portfolio diversification. The satisfactory quality and adequate liquidity of Wendel's €7.9 billion investment portfolio support theFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPFULLGLOBISSCORPHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/620026spcred/620026normThe latest Summary from S&P12/14/2007 3:49:11 PMSummary175global620026FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHigh TechnologySummaryThe ratings on French holding company Wendel reflect the good quality and adequate liquidity of its investment portfolio; its selective strategy of focusing on assets with solid business risk profiles, albeit sometimes with highly leveraged capital structures; and the adequate financial flexibility of the group. These strengths are offset by the company's intermediate financial profile and moderate portfolio diversification. The satisfactory quality and adequate liquidity of Wendel's €7.9 billion investment portfolio support the ratings. Following the acquisition of an about 17.9% stake in France-based engineered materials manufacturer Compagnie de Saint-Gobain (SG; BBB+/Stable/A-2) in November 2007, for a total investment of €4.9 billion, Wendel's portfolio diversification and quality has slightly improved versus the previous concentration on two assets. In addition, followingFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPSUMMARYGLOBISSCORPHealthHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612183spcred/612183normThe latest News from S&P11/8/2007 6:42:06 PMNews100global612183FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsHigh TechnologyBuilding MaterialsHealth CareNewsPARIS (Standard&Poor's) Nov. 8, 2007--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit rating on French holding company Wendel to 'BBB' from 'BBB+', following Wendel's announced increase of its stake in France-based engineered materials manufacturer Compagnie de Saint-Gobain (SG; BBB+/Stable/A-2), to 15.5% from 11.8%, representing a total investment of €4.25 billion. The outlook is stable. At the same time, the 'A-2' short-term credit rating was affirmed. All ratings were also removed from CreditWatch with negative implications, where they had been placed on Sept. 27, 2007. "The downgrade reflects our opinion that the significant size and large use of debt for the SG transaction, the ensuing effects on Wendel's financial profile, and the actualFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPNEWSFRA20428J20428L20428M204280F2005M20102010 201020 2010 20Compagnie de Saint-Gobain112469USAASIAEUROMIDAFREMERGINGLATAMERICACOD@LNGLOBISSCORPHighBuildingHealthCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/612184spcred/612184normThe latest Research Update from S&P11/8/2007 6:42:06 PMResearch Update175global612184FranceIndustrial ConglomeratesEurope, Middle East, AfricaGlobal IssuersCorporationsBuilding MaterialsHealth CareHigh TechnologyResearch UpdateOn Nov. 8, 2007, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on French holding company Wendel to 'BBB' from 'BBB+', following Wendel's announced increase of its stake in France-based engineered materials manufacturer Compagnie de Saint-Gobain (SG; BBB+/Stable/A-2), to 15.5% from 11.8%, representing a total investment of €4.25 billion. The outlook is stable. At the same time, the 'A-2' short-term credit rating was affirmed. All ratings were also removed from CreditWatch with negative implications, where they had been placed on Sept. 27, 2007. The downgrade reflects our opinion that the significant size and large use of debt for the SG transaction, the ensuing effects on Wendel's financial profile, and the actual limited information to the market surroundingFRA20105010 201050 2010 20Wendel364569EUROMIDAFRMF@FPRESUPDFRA20428M20428020428J20428LF2005M20102010 201020 2010 20Compagnie de Saint-Gobain112469ASIAEMERGINGLATAMERICAEUROMIDAFRUSACOD@LNGLOBISSCORPBuildingHealthHighCredit & Investment ResearchS&P Credit Research