Announcements

    Drinks

      New analysis on Franz Haniel & Cie. GmbH
      MONDAY, 02/09/2019 - Scope Ratings GmbH
      Download PDF

      New analysis on Franz Haniel & Cie. GmbH

      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

      Download the updated report here

      Following the release of Haniel’s H1 2019 figures and the awaited execution of EPGC’s call option for Haniel’s remaining 15.2% shares in METRO, the rating case for the BBB-/Stable issuer rating on Haniel remains intact.

      Scope’s rating case reflects the expectation that Haniel’s total cost coverage will revert to the corridor of between 1.0-1.3x over the next few years following the potential full or partial disposal of its remaining share in METRO. This is grounded on the assumption that the historical level of dividends received from METRO will not be substituted in full by income from other shareholdings or financial assets in the short term. Scope expects full cost coverage to be sustainable, even in light of potential reductions in dividends or income from Haniel’s more cyclical shareholdings.

      On 30 April 2019, Scope affirmed its BBB- issuer rating for Franz Haniel & Cie. GmbH and its financing subsidiary Haniel Finance Deutschland GmbH, with a Stable Outlook. The rating primarily reflects Scope’s continued view on Haniel’s consistent execution of its investment strategy, which is focused on mature SMEs and robust income streams that ensure a sustainable total cost coverage above 1.0x.

      This publication does not constitute a credit rating action. For the official credit rating action release click here.

      Related news

      Show all
      Scope has completed a monitoring review for Henkel

      22/5/2025 Monitoring note

      Scope has completed a monitoring review for Henkel

      Scope affirms Hell Energy’s B+ issuer rating, changes the Outlook back to Stable

      22/5/2025 Rating announcement

      Scope affirms Hell Energy’s B+ issuer rating, changes the ...

      Scope affirms BB-/Stable issuer rating on 4iG following decision not to proceed with Spacecom deal

      22/5/2025 Rating announcement

      Scope affirms BB-/Stable issuer rating on 4iG following ...

      Scope affirms BB- issuer rating on ITK Holding Zrt. and revises Outlook to Negative from Stable

      21/5/2025 Rating announcement

      Scope affirms BB- issuer rating on ITK Holding Zrt. and ...

      Scope upgrades MET HSP’s issuer rating to BB- from B+ and revises Outlook to Stable from Positive

      20/5/2025 Rating announcement

      Scope upgrades MET HSP’s issuer rating to BB- from B+ and ...

      Scope downgrades issuer rating of Wellis to CCC, places it under review for a possible downgrade

      15/5/2025 Rating announcement

      Scope downgrades issuer rating of Wellis to CCC, places it ...