...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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