Inchcape plc: Annual update to credit analysis

Inchcape plc: Proceeds from sale of UK retail arm will support focus on higher margin distribution activities, a credit positive - Issuer Comment – 2024/04/15 – US$ 200.00 – ...PRC regulatory disclosure requirement; and (3) cannot be used within the PRC for any regulatory purpose or for any other purpose which is not permitted under relevant PRC laws or regulations. For the purposes of this disclaimer, "PRC" refers to the mainland of the People's Republic of China, excluding Hong Kong, Macau and Taiwan....

Inchcape plc: New Issuer - Baa2 rating assigned - Credit Opinion – 2023/05/26 – US$ 250.00 – ...Inchcape's credit quality benefits from its conservative capital allocation framework. We estimate that the company's gross leverage, measured on the basis of Moody's-adjusted gross debt to EBITDA (including the IFRS 16 impact of leases) will be around 1.5x at the end of 2023. This positions the company strongly in the leverage range we consider acceptable for its Baa2 rating. The Baa2 rating is also underpinned by (1) Inchcape's position as a long term trusted partner for automotive manufacturers (OEMs), particularly in smaller and more complex markets where the value added by the distributor is most pronounced; (2) the company's strategic focus on their relatively stable and higher margin distribution activities; (3) our expectation of continued solid trading results, with Inchcape benefitting from increased scale and further diversification by OEM after the Derco acquisition. Less positively, Inchcape's rating also factors in (1) a degree of concentration on key OEM relationships and...

Moody's assigns Baa2 to Inchcape plc and its proposed notes; outlook stable - Rating Action – 2023/05/26 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...