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Rating Action:

MOODY'S REHAUSSE LA NOTATION SENIOR DE TOTALFINA-ELF A Aa2

10 Feb 2000
MOODY'S REHAUSSE LA NOTATION SENIOR DE TOTALFINA-ELF A Aa2 Moody's Investors Service a annonc‚ aujourd'hui le rehaussement des notations de premier rang de TotalFina SA et d'Elf Aquitaine de Aa3 … Aa2 suite … l'accord de la Commission Europ‚enne en ce qui concerne la fusion des deux soci‚t‚s. Les notations long terme de premier rang de PetroFina SA, Fina Oil et Chemical Company (FOCC) de A1 ont ‚galement ‚t‚ rehauss‚es … Aa2, et les actions pr‚f‚rentielles de TECI, TERFIN et Total American Holdings, Inc., filiales de TotalFina, de 'aa3' … 'aa2'. La perspective de toutes les notations est stable.


TotalFina-Elf est le quatriŠme groupe p‚trolier au monde, avec 10,5 milliards de barils ‚quivalent p‚trole de r‚serves prouv‚es combin‚es. Le rehaussement de la notation … Aa2 reflŠte le financement par fonds propres de l'acquisition, la taille et la couverture globale du groupe, l'int‚rˆt strat‚gique d'un rapprochement entre les deux soci‚t‚s et l'am‚lioration de l'‚quilibre g‚ographique des r‚serves. Il intŠgre ‚galement le potentiel de croissance de la production … moyen terme, les fortes positions que d‚tient le nouveau groupe dans le secteur aval en Europe, une am‚lioration attendue de la productivit‚ grƒce … l'int‚gration des deux groupes et une r‚duction possible de la dette aprŠs cession de certains actifs. Bien que plus s‚vŠres que pr‚vues, les conditions impos‚es par la Commission Europ‚enne n'auront aucun impact significatif sur le nouvel ensemble.


Dans le domaine de l'exploration et de la production, TotalFina-Elf b‚n‚ficie d'une pr‚sence globale, forte et ‚quilibr‚e avec des r‚serves importantes et une croissance rapide de la production. Les fortes positions de TotalFina en amont au Moyen Orient sont compl‚t‚es par les r‚serves importantes d'Elf Aquitaine en Afrique de l'Ouest. Le nouveau groupe est fortement expos‚ aux risques politiques et devra investir des sommes importantes pour d‚velopper ses r‚serves. Cependant, grƒce … ce rapprochement, il b‚n‚ficie ‚galement d'une diversification plus ‚tendue de ses r‚serves et de perspectives de croissance de sa production plus rapide que ses concurrents: le groupe s'attend … une croissance de sa production de l'ordre de 40%. Celle-ci devrait atteindre 2,8 millions de barils /jours en 2005. En raffinage et distribution, TotalFina-Elf est leader europ‚en. Des ‚conomies importantes devraient ˆtre r‚alis‚es grƒce … ce rapprochement dans ce secteur en situation de surcapacit‚ et trŠs sensible aux co–ts. Le groupe d‚tient environ 12% du march‚ des stations services en Europe. Le nouvel ensemble est ‚galement un acteur important dans le domaine de l'industrie chimique avec des positions globales fortes sur certains produits cl‚s et des perspectives de d‚veloppement de ses activit‚s dans des domaines … forte valeur ajout‚e tels que la chimie sp‚cialis‚e et interm‚diaire.


Le rapprochement entre TotalFina et Elf Aquitaine se traduira par une am‚lioration du chiffre d'affaires grƒce … une augmentation de la production en amont, par une am‚lioration des marges grƒce aux ‚conomies d'‚chelle r‚alis‚es et … une meilleure int‚gration, et par une possible diminution de la dette grƒce … une capacit‚ d'autofinancement renforc‚e et … la vente d'actifs non strat‚giques tels que la participation du groupe dans Sanofi-Synthelabo, qui devrait ˆtre c‚d‚e progressivement. Ces avantages ainsi que l'objectif annonc‚ par TotalFina de ramener le ratio d'endettement net du groupe … 35% rendent possible un rehaussement des notations … Aa2.


La dette bancaire d'Elf Aquitaine sera refinanc‚e par TotalFina. Cependant on ignore pour l'instant si les ‚missions obligataires d'Elf Aquitaine seront transf‚r‚es … TotalFina, garanties par la soci‚t‚ consolidante ou si elles resteront au niveau d'Elf Aquitaine sans garantie. Mˆme dans le dernier cas, TotalFina aura un int‚rˆt commercial clair … supporter la dette d'Elf Aquitaine. La notation des obligations de PetroFina et de FOCC sont rehauss‚es pour les mˆme raisons.


TotalFina-Elf, bas‚ … Paris, France, est le r‚sultat du rapprochment entre TotalFina SA et Elf Aquitaine SA. Le groupe est la quatriŠme groupe p‚trolier int‚gr‚ au monde. Ses activit‚s couvrent l'ensemble des aspects du secteur p‚trolier. PetroFina SA, Fina Oil et Chemical Company (FOCC), Total Energy Capital, Inc (TECI) and Total Energy Resource Finance, Inc (TERFIN) sont des filiales de TotalFina SA.

No Related Data.
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