Summary: Truvo N.V. - S&P Global Ratings’ Credit Research

Summary: Truvo N.V.

Summary: Truvo N.V. - S&P Global Ratings’ Credit Research
Summary: Truvo N.V.
Published Jun 21, 2012
Published Jun 21, 2012
Price US$ 225.00  |  Buy this Report Now

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The ratings on Belgium-based international publisher of classified directories, Truvo N.V. (Truvo) reflect Standard&Poor's Ratings Services' opinion of the group's "highly leveraged" financial risk profile and its "vulnerable" business risk profile. The group's highly leveraged capital structure and weakening debt-service-coverage measures underpin our view of Truvo's financial profile as highly leveraged. We estimate that Truvo's Standard&Poor's-adjusted debt-to-EBITDA ratio will be more than 10x by financial year-end 2012 (ending Dec. 31). Our estimate includes more than €60 million in the form of payment-in-kind (PIK) notes at the holding company, Talon PIKco N.V. (Talon; CCC+/Negative), which we fully consolidate in the company's accounts. Moreover, a key constraint on the rating is our assessment of the group's tight financial

Report Type:


Publishing (25401040)
Global Issuers
Europe, Middle East, Africa
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings 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.

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S&P Global Ratings’ Credit Research. "Summary: Truvo N.V." Jun 21, 2012. Alacra Store. Apr 22, 2019. <>
S&P Global Ratings’ Credit Research. (). Summary: Truvo N.V. Jun 21, 2012. New York, NY: Alacra Store. Retrieved Apr 22, 2019 from <>
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