MOODY'S RELEVE LES NOTATIONS DE LA DETTE SENIOR DE AMERICAN MAIZE-PRODUCTS (SENIOR NOTES A A3 ET INDUSTRIAL REVENUE BONDS A Baa1) ET MAINTIENT SOUS SURVEILLANCE EN VUE D'UN RELEVEMENT EVENTUEL LA NOTATION DES INDUSTRIAL REVENUE BONDS.
Paris, 04-01-96 -- Moody's Investors Service a relev‚ les notations des 'senior notes' de American Maize-Products Company de Baa2 … A3 et de ses 'Industrial Revenue Bonds' (IRB) de Baa2 … Baa1. La notation des IRB est maintenue sous surveillance en vue d'un relŠvement ‚ventuel. Le relŠvement de la notation des 'senior notes' reflŠte la garantie ‚mise par la nouvelle soci‚t‚ mŠre d'American Maize, Eridania B‚ghin-Say (EBS). Le relŠvement de la notation des IRB reflŠte l'importance strat‚gique d'American Maize pour EBS et sa strat‚gie … long terme de croissance au niveau mondial. Dans le cadre de la poursuite de la surveillance sur les IRB, Moody's fera porter son analyse sur les m‚canismes de soutien sp‚cifiquement mis en place par EBS pour cette dette. La notation de la dette … long terme de EBS (senior … A3) n'est pas affect‚e par cette action de notation.
La notation relev‚e est la suivante:
American Maize-Products Company -- notation des 'senior notes' de Baa2 … A3.
La notation relev‚e et maintenue sous surveillance en vue d'un relŠvement ‚ventuel est la suivante:
American Maize-Products Company -- notation des 'Industrial Revenue Bonds' de Baa2 … Baa1.
EBS a finalis‚ l'acquisition d'American Maize-Products Company le 6 novembre 1995 pour une somme de 430 millions de dollars. ParallŠlement, EBS a vendu 88% de Swisher International, l'activit‚ tabac d'American Maize, … un groupe d'investisseurs men‚ par l'ancien actionnaire principal d'American Maize, William Ziegler III, pour un prix de 165 millions de dollars. EBS conserve les 12% restant de Swisher. L'acquisition d'American Maize, le cinquiŠme producteur sur le march‚ de l'amidon et ses d‚riv‚s aux Etats-Unis, complŠte la position de premier plan d'EBS dans l'amidon en Europe et am‚liore la position globale d'EBS sur ce march‚. Cette acquisition ne devrait pas permettre une r‚duction significative des co–ts car EBS n'‚tait pas pr‚sent sur le march‚ de l'amidon aux Etats-Unis. Cependant, elle r‚duit le caractŠre cyclique des activit‚s d'EBS dans l'amidon, car la production d'American Maize (glucoses, isoglucose...) est principalement destin‚e … l'industrie agro-alimentaire, alors que les activit‚ europ‚ennes du groupe dans ce secteur sont expos‚es de fa‡on significative aux industries chimiques et papetiŠres, plus cycliques.
Bas‚ … Paris, EBS est un op‚rateur de premier plan dans la transformation de produits agricoles. Anciennement bas‚ … Stamford, Connecticut, American Maize produit des ‚dulcorants et une vari‚t‚ de produits amylac‚s dans ses usines de Hammond, Indiana; Decatur, Alabama; et Dimmitt, Texas.
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