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Rating Action:

MOODY'S ABAISSE À A1 LA NOTATION À LONG TERME D'ALCATEL ALSTHOM S.A. ET DE SES FILIALES GARANTIES

18 Aug 1995
MOODY'S ABAISSE À A1 LA NOTATION À LONG TERME D'ALCATEL ALSTHOM S.A. ET DE SES FILIALES GARANTIES PARIS, 08-18-95 -- Moody's a abaiss‚ les notations … long terme d'Alcatel Alsthom et de ses filiales garanties de Aa3 … A1. Pour l'agence de notation, les changements structurels qui affectent le march‚ des communications ont mis au d‚fi le groupe d'am‚liorer radicalement sa structure de co–ts et de rationaliser ses activit‚s. De plus, selon Moody's, la d‚r‚glementation et une concurrence accrue au sein du secteur europ‚en des t‚l‚communications devraient contraindre Alcatel, l'un des principaux fournisseurs du march‚, … accentuer ses efforts de restructuration. L'agence de notation indique qu'… d‚faut d'une ex‚cution r‚ussie de cette strat‚gie de r‚duction des co–ts, des pressions pourraient s'exercer … nouveau sur le niveau de notation du groupe.
Cet abaissement conclut un processus de mise sous surveillance initi‚ le 24 mars 1995.
Les notations concern‚es sont les suivantes :
Alcatel Alsthom S.A. --Euro-obligations, 'notes' et obligation convertible domestique de Aa3 … A1.
Alcatel N.V. -- Euro-obligations de Aa3 … A1
Alcatel Capital Corporation -- Euro-obligations de Aa3 … A1
Compagnie G‚n‚rale d'Electricit‚ -- Euro-obligations convertibles de Aa3 … A1
G‚n‚rale Occidentale -- obligations en Francs Suisse de Aa3 … A1.
Les notations Prime-1 d'Alcatel Alsthom S.A., d'Alcatel Alsthom Inc., d'Alcatel Alsthom Finance Inc. et d'Alcatel Alsthom Finance Ltd. pour leur dette … court terme n'‚taient pas sous surveillance et sont confirm‚es.
Environ 68% des revenus du groupe g‚n‚r‚s par la production et de la vente de systŠmes de t‚l‚communication proviennent du march‚ europ‚en, la France et l'Allemagne ‚tant ses principaux d‚bouch‚s. Les march‚s europ‚ens des t‚l‚communications sont progressivement d‚r‚glement‚s et de nombreux op‚rateurs du secteur public (PTTs) sont engag‚s dans un processus de privatisation. Dans cette perspective, les PTTs r‚duisent globalement leurs commandes (10-20% annuellement), recherchent des prix d'achat plus avantageux, et passent leurs commandes dans des d‚lais de plus en plus courts afin d'augmenter leur rentabilit‚ et de renforcer leur bilan. La solidit‚ des liens qui existaient traditionnellement entre les PTTs et leurs fournisseurs est en train de s'affaiblir, une tendance qui contraindra Alcatel … r‚duire rapidement et sensiblement ses co–ts de production. D'un autre cot‚, le groupe devra ‚galement augmenter ses d‚penses afin de satisfaire la demande de ses clients pour des logiciels plus sp‚cialis‚s, par ailleurs, Alcatel continuera … maintenir un programme d'investissement ‚lev‚ afin de pr‚server son avance technologique globale, alors que dans le mˆme temps sa marge brute d'exploitation sera affect‚e.
Malgr‚ sa forte base install‚e dans les principaux pays europ‚ens, il est probable que le programme de restructuration d'Alcatel Alsthom devra ˆtre acc‚l‚r‚. Pour Moody's, la nomination de Serge Tchuruk au poste de PDG accentuera le caractŠre prioritaire accord‚ … la rationalisation des activit‚s du groupe. Cependant, l'ampleur, le rythme et la mise en oeuvre des ajustements n‚cessaires demeurent incertains. La rapidit‚ et le succŠs avec lesquels cette rationalisation sera conduite sont des donn‚es fondamentales qui permettront le maintien, puis la restauration, des marges de cette activit‚ importante.
Les autres activit‚s d'Alcatel incluent la production d'‚nergie et le transport. Ces activit‚s enregistrent des performances relativement stables et g‚nŠrent un bon niveau d'autofinancement; mais elles seront aussi expos‚es … une forte concurrence avec l'accentuation de la comp‚tition sur les appels d'offre dans les pays moins d‚velopp‚s li‚e … la relative maturit‚ des march‚s traditionnels. Ces activit‚s du groupe devraient aussi ˆtre comprises dans les prochains programmes de restructurations, mais, ‚tant donn‚ leur contribution historique au r‚sultat, il est improbable qu'elles puissent compenser la baisse des profits de l'activit‚ t‚l‚communications.
De fa‡on g‚n‚rale, le groupe Alcatel Alsthom a maintenu une structure financiŠre conservatrice, mais les besoins futurs en capitaux devraient progressivement augmenter et exc‚der l'autofinancement disponible, entraŒnant … moyen terme, sauf vente d'actifs, une augmentation de l'endettement.
Alcatel Alsthom S.A., bas‚ … Paris, est une soci‚t‚ holding ayant des int‚rˆts majeurs dans les t‚l‚communications, les cƒbles, l'ing‚nierie ‚lectrique et le mat‚riel ferroviaire.

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