The affirmation is driven by Haniel’s consistently solid total cost cover and modest leverage, which offset credit weaknesses related to concentration risks on recurring income and asset values.

The affirmation reflects Haniel’s resilient financials with a total cost cover of over 1x even in a challenging year like 2022 and low portfolio market gearing facilitating further portfolio investments.

The affirmation reflects Scope’s view of Haniel’s improved income generation capacity going forward as well as its willingness to keep total recurring cost coverage above 1x.

The affirmation reflects Haniel’s sustained financials with a solid total cost cover of more than 1.0x, even in distressed years such as 2020, and continuously low portfolio market gearing that opens good headroom for further portfolio development.

The affirmation reflects Haniel’s solid financial profile, backed by a low loan-to-value that provides good headroom for bridging the lower income from portfolio companies and the expected temporary shortfall in total cost coverage to below 1.0x in 2020.

Haniel’s H1 2019 results and awaited execution of EPGC’s call option for Haniel’s remaining 15.2% shares in METRO supporting Scope’s rating case on Haniel, rated BBB-/Stable/S-2

The affirmation reflects the intrinsic portfolio risks, the increased financial headroom and robust total cost coverage. The ratings are constrained by uncertainty around the future of METRO as a portfolio company and its impact on total cost coverage.

Haniel’s H1 2018 results and the envisaged transaction regarding its stake in METRO supporting Scope’s rating case on Haniel, rated BBB-/Stable

The rating affirmation reflects Scope’s continued view on Haniel’s consistent execution of its investment strategy which has resulted in increased portfolio diversification and more robust income streams without burdening the company’s indebtedness.

Announced acquisition of German engineering company ROVEMA supports Scope’s rating case as regards further portfolio diversification