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Rating Action:

MOODY'S CONFIRME A A3 SA NOTATION D'EMETTEUR A LONG TERME D'AVENTIS. LA PERSPECTIVE D'EVOLUTION EST JUGEE POSITIVE

05 Sep 2000
MOODY'S CONFIRME A A3 SA NOTATION D'EMETTEUR A LONG TERME D'AVENTIS. LA PERSPECTIVE D'EVOLUTION EST JUGEE POSITIVE Moody's Investors Service a confirm‚ la notation d'‚metteur A3 pr‚visionnelle pour Aventis S.A., groupe r‚sultant de la fusion de Hoechst AG (dont la dette Senior ‚tait auparavant not‚e A2) et de Rh“ne-Poulenc S.A. (pr‚alablement not‚e Baa3). AprŠs ce rapprochement, Moody's considŠre que le nouveau groupe Aventis constitue, avec un volume de ventes et une gamme de produits qui le placent parmi les leaders mondiaux de l'industrie pharmaceutique/agrochimie, une entreprise internationale solide. Aventis a fait son entr‚e avec une charge de dette consid‚rable, mais l'agence de notation pr‚voit que la direction va affecter … la r‚duction de la dette le produit des cessions d'actifs, permettant ainsi une am‚lioration progressive des ratios d'endettement. La perspective de notation … long terme est positive, refl‚tant la possibilit‚ de cette am‚lioration. La notation de la dette … court terme d'Aventis (‚mise pr‚c‚demment par Rh“ne Poulenc) a ‚t‚ relev‚e de Prime-3 … Prime-2.


Confirmation de notation :

Aventis S.A. - Notation d'‚metteur A3


RelŠvement de notation :

Aventis S.A. (anciennement Rh“ne Poulenc) - Prime-2 (contre Prime-3) pour la dette … court- terme

Rh“ne-Poulenc S.A. - A3 (contre Baa3 pr‚c.) pour l'encours d'Eurobonds repris par Aventis

Rh“ne -Poulenc Rorer -A3 (contre Baa3 pr‚c.) pour les Pass-Thru Certificates

Rh“ne -Poulenc Rorer - "baa2" (contre "ba2" pr‚c.) pour les Actions pr‚f‚rentielles

Rh“ne -Poulenc Commercial Finance B.V. - A3 (contre Baa3 pr‚c.) pour les Eurobonds garanties par Aventis

Rh“ne-Poulenc Overseas Ltd. - "baa1" (contre "ba2" pr‚c.) pour les Actions pr‚f‚rentielles avec une garantie subordonn‚e de Aventis S.A


Abaissements de notations :

Hoechst Marion Roussel- A3 (contre A2 pr‚c.) pour des Eurobonds garanties par Hoechst AG

HMR ASOP Trust - A3 (contre A2 pr‚c.) pour des titres garantis par Aventis


Aventis est n‚ en d‚cembre 1999 de la fusion de Hoechst AG et Rh“ne-Poulenc S.A. Rh“ne-Poulenc avait, dans la cadre d'un ‚change d'actions, acquis 96,7% du capital de Hoechst AG. Le nom de l'entit‚ juridique, Rh“ne-Poulenc, a ‚t‚ par la suite modifi‚ pour devenir Aventis S.A. ("Aventis"). Sept mois aprŠs sa cr‚ation, Moody's juge le niveau d'endettement du groupe encore consid‚rablement ‚lev‚. Les projets de cessions d'actifs dans les m‚tiers hors sciences de la vie devraient cependant assurer une diminution rapide du niveau d'endettement net. Aventis va dans un premier temps conserver de faibles participations dans les activit‚s de chimie de sp‚cialit‚ de Rhodia et Clariant qui ne sont pas des m‚tiers centraux du groupe. La conversion de 800 millions d'euros d'obligations garanties par Hoechst en actions Clariant pourrait encore contribuer … r‚duire les participations dans ces entreprises et all‚ger ainsi le poids de la dette d'Aventis. Moody's pr‚voit que, malgr‚ des projets de r‚duction de l'endettement net, celui-ci va rester relativement ‚lev‚ … moyen terme par rapport aux autres grands groupes pharmaceutiques/agrochimiques. Ainsi, les ratios d'endettement, parmi lesquels le ratio d'autofinancement par rapport … l'endettement, est faible pour une cat‚gorie de notation A3 mais devrait … terme s'am‚liorer parallŠlement … l'augmentation des cash flows et … l'acc‚l‚ration de la r‚duction de l'endettement grƒce … de nouvelles cessions d'actifs.


L'agence de notation estime qu'Aventis saura, de par sa taille, se placer comme un concurrent … part entiŠre, parmi les leaders mondiaux du march‚ des produits pharmaceutiques et de l'agrochimie. Le profil de cr‚dit de la nouvelle entit‚ b‚n‚ficie ‚galement d'un portefeuille de produits bien diversifi‚ dans ces deux activit‚s. Les perspectives de ventes devraient s'am‚liorer avec l'arriv‚e de nouveaux produits cibl‚s et l'intensification des efforts de marketing aux Etats-Unis, o— le groupe Aventis b‚n‚ficie d'un potentiel important d'accroissement de sa p‚n‚tration du march‚. Aventis se trouve clairement confront‚ au d‚fi d'assurer l'int‚gration de ses diff‚rents m‚tiers. Cependant, si le groupe y parvient, une int‚gration rapide g‚n‚rera de grandes opportunit‚s de synergie. La notation et la perspective positive de Moody's intŠgrent les anticipations d'une nette am‚lioration de la marge op‚rationnelle dans les prochaines ann‚es.


La notation A3 des pass-thru certificates ‚mis par Rh“ne-Poulenc Rorer (RPR) reflŠte la pertinence strat‚gique de l'entreprise pharmaceutique pour le groupe Aventis, ii) le soutien financier promis par Aventis S.A., et iii) la perception qu'a Moody's de la politique du groupe Aventis en matiŠre de gestion et de soutien … ses filiales.


Aventis S.A., bas‚ … Strasbourg, s'impose comme l'un des leaders sur le march‚ mondial des produits pharmaceutiques et de l'agrochimie. Le groupe compte 95.000 salari‚s r‚partis sur 120 pays et enregistrait en 1999 un chiffre d'affaires pro-forma de EUR 20,5 Milliards (USD 21,1 Milliards).

No Related Data.
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