Report
Carole Braudeau

Morning Crédit 14/03/2024

Grifols : S&P dégrade le rating de B+/stable à B/cw negative>...
Underlyings
Ageas SA/NV

Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.

Basic-Fit NV

Basic-Fit NV is an operator of fitness centers based in the Netherlands. The Company operates more than 350 fitness clubs in the Netherlands, Belgium, France and Spain.

CECONOMY AG

Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.

EasyJet plc

EasyJet and its subsidiaries are a low-cost airline carrier operating principally in Europe. Co. operates in the European short-haul aviation market. As of Sept 30 2017, Co. operated 862 routes. Co.'s total fleet as at Sept 30 2017, comprised 279 aircraft, split between 156-seat Airbus A319s, 180-seat A320s, 186-seat A320s and 186-seat A320neos. Co.'s main markets are the U.K., France, Italy, Switzerland, Germany, Netherlands, Portugal and Spain.

Grifols S.A. Class A

Grifols is engaged in developing, manufacturing and distributing a range of plasma derivative products. Plasma derivatives are proteins found in human plasma, which once isolated and purified, have therapeutic value. These protein-based therapies extend the lives of individuals who suffer from chronic and acute conditions. Co. also specializes in providing infusion solutions, nutrition products, medical devices, diagnostic instrumentation and reagents for use in hospitals and clinics. Co.'s products and services are used by healthcare providers in approximately 100 countries. Co.'s business is organized into three divisions: Bioscience, Diagnostic, Hospital and Raw Materials.

Hapag-Lloyd AG

Hapag-Lloyd is a container liner shipping company. Co.'s core business is the shipping of containers by sea but also encompasses transport services from door to door. Co. transports hazardous goods by sea, road, rail, and inland waterway vessels; and provides reefer solutions to transport temperature-sensitive products, including perishable cargoes; and high value reefer cargoes, such as pharmaceuticals, healthcare products, and more. Co. also offers security information services; e-commerce solutions in the shipping industry; logistics services, such as pre-carriage and on-carriage transport services; and customs clearance services.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Carole Braudeau

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