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11. September 2019

Euler Hermes Rating assigns first-time ratings to Hungarian gas distributor TIGÁZ Földgázelosztó Zrt.

Euler Hermes Rating has assigned a BB+ first-time issuer rating to Hungarian gas distributor TIGÁZ Földgázelosztó Zrt. At the same time the proposed 2019/2029 bond issuance was rated BB+ based on preliminary terms. The BB+ first-time issuer rating is mainly driven by low to moderate business risks due to an established market regulation, a territory-based […]

28. August 2019

Euler Hermes Rating Invites Market Participants to Comment on Proposed SME Rating Methodology for Belgium and Netherlands

Euler Hermes Rating is requesting comment from market participants on its proposed methodology for rating non-financial Small and Medium Enterprises and Mid-Caps (SMEs) in Belgium under its brand TRIBRating. For SMEs, the proposed methodology will replace the Issuer Rating Methodology currently in use to rate Belgian corporate debt issuers. In the proposed methodology, Euler Hermes […]

28. August 2019

Euler Hermes Rating publishes SME & MidCap Rating methodology for Switzerland

Euler Hermes Rating publishes SME & MidCap Rating methodology for Switzerland.

11. Juli 2019

Big companies in emerging markets and SMEs in Europe tighten the noose on their suppliers and inventories

The Working Capital Requirement (WCR) is one month longer for European SMEs compared to large companies Key findings  At a global level, the Working Capital Requirement1 (WCR) of large companies2 – a measure of financial resources that companies consume to cover operating costs and expenses, and run their businesses efficiently – has deteriorated by […]

28. Juni 2019

Euler Hermes Rating Invites Market Participants to Comment on Proposed SME Rating Methodology for Switzerland

Euler Hermes Rating is requesting comment from market participants on its proposed methodology for rating non-financial Small and Medium Enterprises and Mid-Caps (SMEs) in Switzerland under its brand TRIBRating. For SMEs, the proposed methodology will replace the Issuer Rating Methodology currently in use to rate Swiss corporate debt issuers. In the proposed methodology, Euler Hermes […]

27. Juni 2019

Euler Hermes Rating publishes study „Painful destocking in sight for European corporates“

Euler Hermes Rating publishes study „Painful destocking in sight for European corporates“ Key findings  European companies have witnessed an unusual accumulation of stocks since mid-2018. In March 2019, the Eurozone’s inventories to new orders ratio, based on the Manufacturing PMI, hit a new peak, the highest level since the crisis of 2012 and higher […]

6. Juni 2019

Euler Hermes Rating confirms Vitens N.V. A+ issuer credit rating

Euler Hermes Rating confirms Vitens N.V. A+ issuer credit rating Euler Hermes Rating has confirmed Vitens N.V.s issuer credit rating at A+. The underlying factors were a combination of a low business risk profile, a moderate financial risk profile and a four-notch uplift for implied governmental support. We expect the rating to remain stable over […]

5. Juni 2019

Euler Hermes Rating publishes study „Alternative financing is becoming increasingly important for European SMEs“

Euler Hermes Rating publishes study „Alternative financing is becoming increasingly important for European SMEs“ European SMEs rely heavily on bank financing. Bank loans make up around 70% of external financing – much more than in the US where bank loans constitute around 40% of external funding. Being dependent on bank financing makes SMEs vulnerable to […]