Corporate Finance News / Quotidien

Vendredi 10 Juillet 2015

Finyear | S&P - ETI européennes : panorama de la qualité de crédit

Standard & Poor’s publie aujourd’hui une étude (voir pièce-jointe ci-dessous) sur la qualité de crédit de plus de 500 entreprises de taille intermédiaire (ETI) de la zone Europe, Moyen-Orient et Afrique. Cette recherche continue d’explorer l’univers des ETI en Europe, que nous considérons comme des entreprises avec un chiffre d’affaires jusqu’à €1,5 milliard et une dette en-dessous de €500 million.

· Mid-market companies in Europe display a wide range of credit risk from mid to low investment grade down to speculative grade, though concentrated in the categories 'MM3' (cross-over), 'MM5', and 'MM6' (equivalent to an indicative 'B' rating).
· Midsize non-LBOs display on average more vulnerable business positions, all along the rating spectrum, resulting mainly from lower scale and relatively higher business concentration than for larger peers. However, as an offset, those midsize companies have a conservative financial profile, adequate liquidity cushions, and, in some sectors, effective niche positioning shielding them from the competition of larger players.
· In terms of industry, mid-market players in the higher credit category are operating mainly in the machine and equipment manufacturing, consumer goods, and specialized high-tech sectors, where they can more easily differentiate themselves and build strong niche positions through greater efficiency, technological expertise, or local brand recognition. In contrast, midsize companies with a 'MM5' credit profile mainly belong to sectors where scale plays an important role in building efficient competitive positions, such as commodity and oil, commodity product manufacturing, and construction.

Download the study below (PDF 15 pages)

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