Analyst Research

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Provider: Reuters Investment Profile
Provider: Thomson Reuters StreetEvents
Provider: Thomson Reuters StreetEvents
Provider: Directors Deals Ltd.

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Moody's Assigns Baa2 Senior Unsecured Issuer Rating to JCDecaux SA-Dow Jones

Friday, 7 Sep 2012 01:04pm EDT 

Dow Jones reported that Moody's has assigned a Baa2 senior unsecured issuer rating to JCDecaux S.A. The outlook remains stable. The Baa2 rating continues to reflect the operational track record of the Company and Moody's expectation that JCDecaux can continue to defend and build on its position in outdoor advertising. It acknowledges barriers to entry for new entrants to the outdoor advertising industry and recognizes the commitment of the JCDecaux family to the business. The rating also recognizes the potential for incremental revenue growth from emerging markets, from increasing digitalization and potential for gradual market share gains in some established markets such as Germany. However, the rating also takes into consideration JCDecaux's dependence on more volatile advertising based revenues, the Company's high operating leverage, its relatively capital intensive business model and event risk from possible acquisitions. Finally, it also considers ongoing weakness in the Company's Billboard business that continues to suffer from overcapacity and pricing pressure. The stable outlook reflects Moody's expectation that the Company will be able to achieve some organic revenue growth in 2012 and return to more visible organic revenue growth thereafter. 

Company Quote

-0.35 -1.31%
6:52am EDT