Nevertheless, another sharp downturn in market demand could

Опубликовано 14 июля 2013
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canada goose deals Fitch uk canada goose Assigns Pendragon’s GBP175m Bond Final ‘B canada goose deals

buy canada goose jacket May 14 (Reuters) (The following statement was released by the rating agency) buy canada goose jacket

cheap Canada Goose Fitch Ratings canada goose store has assigned Pendragon plc (Pendragon) GBP175m 6.875% seven year bond a final rating. The rating is in line with Pendragon Senior Secured Rating. cheap Canada Goose

canada goose black friday sale The bond final rating canada goose clearance follows salecanadagooseoutlets a review of the final terms and conditions conforming to information already received when Fitch canada goose assigned the expected rating on 23 April 2013. canada goose black friday sale

canada UK Canada Goose goose The proceeds of the notes will be used for refinancing cheap Canada Goose existing debt, most of which matures in June 2014 and for general corporate purposes. The notes will constitute direct, secured and unconditional obligations of the issuer, Pendragon, and its guarantor subsidiaries. canada goose

Canada Goose Jackets The senior secured rating applied to the bond is one notch above Pendragon Issuer Default Rating Canada Goose Outlet (IDR). The Canada Goose Online rating differential reflects Fitch recovery analysis of the company on a going concern basis, using an industry consistent multiple applied to an appropriately stressed EBITDA level, which derived a recovery band buy canada goose jacket cheap of 50% to 70% and a Recovery Rating of RR3 and lead to a one notch uplift from the IDR. Canada Goose Jackets

Canada Goose sale KEY RATING DRIVERS: Relationships with Auto OEMs Canada Goose sale

canada goose clearance A significant driver of Pendragon operations and financial performance is driven by its relationships with the various auto OEMs from which it sources vehicles. While its franchise agreements with the OEMs give Pendragon territorial sales rights and canada goose clearance sale provides it cheap canada goose uk a relatively stable gross margin, Pendragon is also vulnerable to the financial health and / or strategy of the OEMs. canada goose clearance

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canada goose clearance sale Fitch adjusts Pendragon canada goose black friday sale on balance sheet reported debt and canada goose uk shop off balance sheet operating lease obligations by adding the stock financing provided canada goose coats on sale by third uk canada goose outlet party finance providers not supplied by the financing arms of the auto OEMs. As such, the company reported gross and net funds from operations (FFO) adjusted leverage at end 2012 was 4.8x and 4.5x, respectively. Fitch expects these ratios to remain stable in the short to canada goose factory sale medium term. canada goose clearance sale

canada goose store Cost Structure canada goose uk outlet Flexibility Given the low operating margins inherent in the vehicle sales business model, the structure and flexibility Canada Goose online of Pendragon operating cost Canada Goose Jackets structure is important to offset the possibly volatile demand dynamics. Pendragon has relatively mid ranging EBITDA margins Canada Goose sale exhibited in the sector, and since the canada goose coats downturn of 2008 and 2009, has improved its cost flexibility. Nevertheless, another sharp downturn in market demand could stress Pendragon financial profile. canada goose store

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buy canada goose jacket cheap Following the sharp market downturn in 2008 and 2009 in the UK, auto sales have stabilised in the past three years, but still remain a considerable amount below their 2008 canada goose uk black friday peak. Given the sensitivity of earnings to volume movements, the outlook for auto sales remains a key indicator of future performance. A mitigating factor for Canada Goose Coats On Sale Pendragon is its aftersales business, buy canada goose jacket which is not highly cyclical and contributes close to 40% of canadian goose jacket the company gross Canada Goose Parka profit buy canada goose jacket cheap.

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