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S&P Credit Research741 word report
published Feb 12, 2009
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S&P Credit Research
| Abstract: | STOCKHOLM (Standard&Poor's) Feb. 12, 2009--Standard&Poor's Ratings Services said today that it had lowered its long-term ratings on French investment holding company Wendel to 'BB' from 'BB+'. The ratings were removed from CreditWatch, where they were placed on Oct. 9, 2008 with negative implications. The outlook is negative. At the same time, the 'B' short-term ratings on the company were affirmed. A recovery rating of '3' was assigned to the company's senior unsecured bond issues and a €1.2 billion revolving credit facility due in 2013. "The downgrade reflects Wendel's lack of significant progress in reducing net debt and subsequently its loan-to-value ratio to within our rating requirements," said Standard&Poor's credit analyst Andreas Kindahl. Continued depressed
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| Brief Excerpt: | RESEARCH Ratings Definitions Wendel Downgraded To '##' From '##+' On Continued High Leverage; Off CreditWatch Negative; Outlook Negative Publication date: 12-Feb-2009 Primary Credit Analyst: Andreas Kindahl, Stockholm (46) 8-440-5907;...
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| Report Type: | Ratings Action
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| Ticker: | MF@FP
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| Issuer: | Wendel
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| GICS: | Industrial Conglomerates (20105010)
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| Sector: | Consumer Products, Corporations, Global Issuers, Health Care, High Technology
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| Country: | France
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- Summary: Wendel $175.00
The ratings on France-based operating holding company Wendel are constrained by its relatively high financial gearing, concentration on three large investments, significant exposure to a structured investment in Compagnie de Saint-Gobain (Saint-Gobain; ...
- Wendel $400.00
Generally good creditworthiness of key investments. Long-dated debt maturity structure and adequate liquidity position. Financial flexibility provided by listed and, to some extent, unlisted shareholdings. Improved corporate governance, less ...
- Summary: Wendel $175.00
The ratings on French investment holding company Wendel are constrained by its high financial gearing, concentration on three large investments, significant exposure to a structured investment in Compagnie de Saint-Gobain (Saint-Gobain; BBB/Stable/A-2) ...
- Research Update: Wendel Downgraded To 'BB' From 'BB+' On Continued High Leverage; Off CreditWatch Negative; Outlook Negative $175.00
On Feb. 12, 2008, Standard&Poor's Ratings Services lowered its long-term ratings on French investment holding company Wendel to 'BB' from 'BB+'. The ratings were removed from CreditWatch, where they were placed on Oct. 9, 2008 with negative ...
- Wendel $400.00
Financial flexibility provided by listed, and to some extent unlisted, shareholdings Generally good creditworthiness of key investments Long-dated debt maturity structure and adequate liquidity position High financial gearing, clearly exceeding ...
- Summary: Wendel $175.00
Standard&Poor's Ratings Services placed the 'BB+' long-term corporate credit and debt ratings on French operating holding company Wendel on CreditWatch with negative implications on Oct. 9, 2008. The ratings on Wendel are constrained by the ...
- Wendel Long-Term Rating Cut To 'BB+', On Watch Negative; Short-Term Rating Cut To 'B' $100.00
STOCKHOLM (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 ...
- Research Update: Wendel Long-Term Rating Lowered To 'BB+', On Watch Negative; Short-Term Rating Lowered To 'B' $175.00
On 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 ...
