The rating on Switzerland-based gategroup Holding AG (gategroup), a provider of products, services, and solutions to airline passengers, reflects Standard&Poor's Rating Services' assessment of the company's "fair" business risk profile and "significant" financial risk profile. gategroup's financial risk profile is constrained by its indebted capital structure, with adjusted debt standing at 3.0x EBITDA on Dec. 31, 2011. It is also limited by an acquisitive growth strategy, which we estimate will result in adjusted debt to EBITDA increasing toward 4.0x at year-end 2012, taking into account the Helios acquisition and our forecast that the group's profitability will weaken during the year. In our view, deleveraging may be hampered by further acquisitions and dividends paid to shareholders. The company's low
