S&P: Wendel on watch

Standard & Poor's said it placed the BBB-/A-3 long- and short-term corporate credit ratings on Wendel on CreditWatch with negative implications, as the group's gearing has increased as a consequence of depressed market conditions and falling share price of some assets over the past couple of weeks.

The watch reflects the deterioration of financial markets and the resulting pressure on Wendel's adjusted loan-to-value ratio, which has offset recent asset disposals, according to S&P.

Ratings reflect expectations that the group will adopt a more cautious investment strategy and will continue to reduce leverage, the agency said.

Ratings also reflect the company's financial flexibility and adequate liquidity, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.