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Rating Action:

MOODY'S ABAISSE LES NOTATIONS DE RHONE-POULENC --SENIOR A Baa2-- ET DE RHONE-POULENC RORER --SENIOR A Baa1-- ET CONFIRME LES NOTATIONS PRIME-2 DE RHONE-POULENC ET DE FISONS POUR LEURS PROGRAMMES DE PAPIER COMMERCIAL

20 Oct 1995
MOODY'S ABAISSE LES NOTATIONS DE RHONE-POULENC --SENIOR A Baa2-- ET DE RHONE-POULENC RORER --SENIOR A Baa1-- ET CONFIRME LES NOTATIONS PRIME-2 DE RHONE-POULENC ET DE FISONS POUR LEURS PROGRAMMES DE PAPIER COMMERCIAL Paris, 10-20-95 -- Moody's Investors Service a abaiss‚ les notations … long terme de Rh“ne-Poulenc SA (RP) et de Rh“ne-Poulenc Rorer Inc. (RPR). Moody's a par ailleurs confirm‚ les notations Prime-2 pour les programmes de papier commercial de Rh“ne-Poulenc SA et de ses filiales garanties, et les notations Prime-2 pour les programmes de papier commercial de Fisons plc et de ses filiales garanties. Ces abaissements reflŠtent l'accroissement important du niveau d'endettement que RP et RPR supporteront pour acqu‚rir Fisons plc pour 1,9 milliards de Livres Sterling, leur plus forte propension … augmenter leur endettement afin d'atteindre leurs objectifs strat‚giques et l'opinion de Moody's selon laquelle ces groupes devraient pouvoir rembourser, bien que lentement, la dette li‚e … l'acquisition. L'abaissement de la notation de RP prend en consid‚ration l'agressivit‚ de la gestion financiŠre du groupe, et un accroissement du risque d'acquisitions li‚ … la r‚organisation de son portefeuille d'activit‚s. Les nouvelles notations tiennent ‚galement compte des synergies op‚rationnelles que RPR retirera de l'acquisition de Fisons, et de la strat‚gie de RP de renforcer ses m‚tiers les moins cycliques. Ces changements de notations concluent un processus de mise sous surveillance initi‚ le 18 ao–t 1995.
Les notations suivantes ont ‚t‚ abaiss‚es:
Rh“ne-Poulenc SA -- 'notes' de premier rang, Euro obligations, obligations en Francs Suisses, et programme d'Euro MTN … Baa2 de A3, 'shelf registration' … (P)Baa2 de (P)A3.
Rh“ne-Poulenc Commercial Finance B.V. -- Euro obligations garanties et programme d'Euro MTN garanti … Baa2 de A3.
Rh“ne-Poulenc Overseas Limited -- actions pr‚f‚rentielles garanties … "baa3" de "baa1".
Rh“ne-Poulenc Rorer Inc. -- 'pass-thru certificates' … Baa1 de A3, actions pr‚f‚rentielles … "baa2" de "baa1", et 'shelf registrations' … (P)Baa1 et (P) "baa2" de (P)A3 et (P) "baa1".
Les notations suivantes ont ‚t‚ confirm‚es :
Rh“ne-Poulenc SA-- notation Prime-2 pour ses programmes de papier commercial et de billets de tr‚sorerie.
Rh“ne-Poulenc Commercial Finance Inc. et Rh“ne-Poulenc Commercial Finance B.V. -- notations Prime-2 pour leurs programmes de papier commercial garantis.
Fisons plc -- notation Prime-2 pour son programmes de papier commercial.
Fisons U.S. Inc. and Fisons Corporation Ltd -- notations Prime-2 pour leurs programmes de papier commercial garantis.
Selon Moody's, le prix d'acquisition de Fisons par RPR pour un prix de 15 milliards de Francs sera en fait r‚duit par les liquidit‚s que Fisons devrait recevoir, soit environ 4 milliards de Francs. N‚anmoins, l'endettement total augmentera substantiellement, avec un impact n‚gatif consid‚rable sur les structures financiŠres respectives de RP et RPR. L'agence de notation souligne cependant que la r‚union des activit‚s de RPR et Fisons dans le traitement de l'asthme et des allergies permettra … RPR de se hisser au quatriŠme rang mondial dans ce domaine et qu'elle permettra des ‚conomies d'‚chelle importantes. En particulier, RPR devrait b‚n‚ficier de la compl‚mentarit‚ des deux groupes dans cette activit‚, aussi bien dans leurs gammes de produits que dans leurs zones de commercialisation. RPR b‚n‚ficiera ‚galement de l'exp‚rience reconnue et de la technologie de Fisons dans les a‚rosols et autres modes d'administration des traitements de l'asthme et des allergies.
Selon Moody's, l'autofinancement g‚n‚r‚ par RP et RPR devrait permettre une r‚duction mod‚r‚e de l'endettement au cours des prochaines ann‚es. De plus, la cession d'actifs non strat‚giques pourrait ‚galement permettre une diminution des niveaux d'endettement, selon l'agence de notation.
Au del… de ses effets n‚gatifs … moyen terme sur la flexibilit‚ financiŠre de RP et de RPR, Moody's estime que cette acquisition indique un retour du recours … la croissance externe. Il s'agit d'un net changement par rapport au pass‚ r‚cent, o— la r‚duction de l'endettement et la restructuration des activit‚s chimiques de RP ‚tait un objectif prioritaire de l'‚quipe de direction. Bien que le portefeuille d'activit‚s de RP ait ‚t‚ consid‚rablement r‚organis‚ au cours des derniŠres ann‚es afin d'accroŒtre l'importance de activit‚s les moins cycliques telles que la sant‚, la chimie de sp‚cialit‚ et l'agrochimie, l'agence de notation indique que nombre d'entre elles n'occupent pas encore des positions de premier plan. La couverture mondiale du march‚ ‚tant un des facteurs cl‚ de r‚ussite dans les m‚tiers de RP, l'agence de notation estime que le groupe pourrait chercher … renforcer certaines de ses activit‚s les plus faibles par croissance externe, avec un risque d'accroissement additionnel d'un niveau d'endettement d‚j… ‚lev‚. Moody's ajoute que le profil de risque du groupe est ‚galement affect‚ par sa gestion financiŠre agressive, illustr‚e par l'importance dans son r‚sultat net des revenus provenant de son activit‚ de gestion de tr‚sorerie, et par l'importance des quasi fonds propres figurant … son bilan.
Bas‚ … Paris, Rh“ne-Poulenc SA est l'un des principaux groupes chimiques mondiaux et l'un des plus diversifi‚s. Bas‚ … Collegeville, Pennsylvanie - USA, Rh“ne-Poulenc Rorer Inc. est groupe pharmaceutique mondial contr“l‚ … 68% par Rh“ne-Poulenc SA. Fisons plc, bas‚ … Ipswich - Angleterre, est un groupe pharmaceutique de sp‚cialit‚s.

No Related Data.
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