Research Update: Airline Caterer gategroup Holding Downgraded To 'B-' On Owner HNA's Revised Group Credit Profile; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Airline Caterer gategroup Holding Downgraded To 'B-' On Owner HNA's Revised Group Credit Profile; Outlook Stable

Research Update: Airline Caterer gategroup Holding Downgraded To 'B-' On Owner HNA's Revised Group Credit Profile; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Airline Caterer gategroup Holding Downgraded To 'B-' On Owner HNA's Revised Group Credit Profile; Outlook Stable
Published Feb 13, 2018
7 pages (2407 words) — Published Feb 13, 2018
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

We have revised down to 'ccc+' from 'b' our group credit profile (GCP) on the diversified, but highly debt leveraged, Chinese conglomerate HNA Group, the strategic owner of gategroup Holding AG. This revision reflects our understanding of HNA Group's deteriorating liquidity profile as it faces significant debt maturities in 2018. While it appears to have made some progress, and has valuable assets and highly liquid stakes in public traded companies, in our view HNA Group is dependent upon favorable market conditions to meet its upcoming financial commitments. Despite gategroup's solid operating performance, we are lowering the issuer credit rating to 'B-' from 'B' as part of our reassessment of HNA Group's GCP, and by applying our group rating methodology. At

  
Brief Excerpt:

...We have revised down to '###+' from 'b' our group credit profile (GCP) on the diversified, but highly debt leveraged, Chinese conglomerate HNA Group, the strategic owner of gategroup Holding AG....

  
Report Type:

Research Update

Issuer
gategroup Holding AG
Sector
Global Issuers
Country
Switzerland
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Airline Caterer gategroup Holding Downgraded To 'B-' On Owner HNA's Revised Group Credit Profile; Outlook Stable" Feb 13, 2018. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Airline-Caterer-gategroup-Holding-Downgraded-To-B-On-Owner-HNA-s-Revised-Group-Credit-Profile-Outlook-Stable-1993009>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Airline Caterer gategroup Holding Downgraded To 'B-' On Owner HNA's Revised Group Credit Profile; Outlook Stable Feb 13, 2018. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Airline-Caterer-gategroup-Holding-Downgraded-To-B-On-Owner-HNA-s-Revised-Group-Credit-Profile-Outlook-Stable-1993009>
  
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