PRYSMIAN RATING REPORT
Our rating reflects Prysmian’s global leading position in the energy & telecom cable markets and its positive long-term growing prospects in high margin businesses such as the power transmission (particularly in Submarine with over 3 years of backlog) and telecom units. The financial profile of the group is solid, with a relatively low net adjusted leverage that we anticipate to remain around its current level of 1.5x in the mid-term. Prysmian benefits from a sound track record of recurring positive FCF, and comfortable liquidity, which has been strengthened by the refinancing of its credit facilities in 2014 and a new €750m bond issuance in 2015.​
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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