Pfleiderer AG - Credit Update - 2009/06/25 - Fitch Research

Report title: Pfleiderer AG

from Fitch Research
2 page (1502 word) report published Jun 25, 2009

Price $165.00 available for immediate download

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...Fitch Ratings' downgrade on 19 June 2009 of Pfleiderer AG's (Pfleiderer) Long Term IDR and Subordinated ratings reflects a marked deterioration in operational performance, and increased uncertainty over demand for its products. As a result, Fitch expects Pfleiderer's financial profile to deteriorate further within the next 1218 months, with net adjusted debt (including 75% equity credit on the hybrid bond)/EBITDAR potentially exceeding 5.0x, compared with financial yearend 2008's (FYE08) 3.5x. The company continues to face challenging market conditions in North America, while rising competitive pressure in eastern Europe and sluggish demand in western Europe are putting pressure on volumes and prices. + ...

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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