Credit Update on Pfleiderer AG - Credit Update - 2008/08/20 - Fitch Research

Report title: Credit Update on Pfleiderer AG

from Fitch Research
2 page (3839 word) report published Aug 20, 2008

Price $165.00 available for immediate download

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...The one\##notch downgrade of Pleiderer AG s (Pfleiderer) Long\##Term IDR and subordinated bond ratings to BB and B+ , respectively, reflects Fitch Ratings view that the company will not achieve a marked improvement in its financial profile within the next ##\#### months which had been factored into the previous BB+ I DR. Pfleiderer recently announced that it will miss its previously indicated reve nue target of EUR#bn for financial year #### (FY##) and operating margin of ##%, both by a margin of between #% to ##%.The company continues to face challenging market conditions in North America, while at the same time there is a rise in competitive pressure in Eastern Europe (in particular, in the Polish market), and Pfleiderer has not been able to pass on raw material price increases to customers as e xpected. The ratings continue to be supported by Pfleiderer s business profile as a leading producer of engineered...

Report Type:

Credit Update

Company(ies):

Pfleiderer AG

Ticker(s):

PFD4

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Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.

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