TEXT-S&P FAQ on financial adjustments for retail group Casino
July 27 - France-based retail group Casino Guichard - Perrachon & Cie S.A. (Casino; BBB-/Stable/A-3) has recently fully consolidated Brazilian retailer Grupo Pao de Acucar and intends to acquire the 50% stake in its French subsidiary, chain store Monoprix, that it doesn't already own. Following a number of enquiries from investors, Standard & Poor's Ratings Services has published a Credit FAQ titled "Explaining Standard & Poor's Adjustments And Ratios For French Retail Group Casino," which explains the effect of these transactions on Standard & Poor's adjustments to Casino's 2012 financial results. In this Credit FAQ, we address the following questions: -- How do the recent transactions modify Standard & Poor's adjustments to Casino's financial metrics? -- How does Standard & Poor's calculate Casino's adjusted debt-to-EBITDA ratio on a proportional basis? -- What is Standard & Poor's view on cash circulation within the group? -- How does Standard & Poor's view the execution risks associated with the recent transactions? The report is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to email@example.com. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com.
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