Newsletter - April 2012
TEXT-S&P comments on credit trends in European leisure industries
As the first report points out, almost 80% of the issuers we rate in these industries have stable outlooks. Our view of credit stability for the sector takes into account the lack of material short-term debt maturities and refinancing needs, and generally supportive financial policies, with a number of companies having material headroom at their current rating level.
"Companies' generally prudent financial policies to date are a key driver underpinning our view of stable credit quality for the EMEA leisure industries in 2012," said Standard & Poor's credit analyst Carlo Castelli. "Nevertheless, we anticipate only limited potential for further debt reduction in 2012, on account of declining discretionary cash flow. We base this view on our expectation of increased investments as maintenance capital expenditure (capex) returns to normal levels, and as some companies resume expansion and development capex.
"In addition, we've started to see a pickup in mergers and acquisitions. And for companies rated 'BB' and above, we see a possibility that shareholder returns may increase, continuing a trend evident in 2011."
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Newsletter - March 2012
Announcement: change in registered address
Our new details are:
Amusement Logic, S.L.
Calle dels Velluters, 2
Polígono Industrial Vara de Quart
46014, Valencia (Spain)
We will be keeping the same contact numbers, email addresses and Web:
Tel: +34 96 1581614
Fax: +34 96 1565346
info@amusementlogic.es
http://www.amusementlogic.es
This change has been prompted by the need to expand our workforce and infrastructure, due to the strong growth that we have experienced in recent years.
From these new facilities, we hope to continue offering our national and international clients, the best quality service and our absolute dedication.
All of us who form part of Amusement's great team, would like to take this opportunity to send our most sincere thanks to our clients, suppliers and collaborators, without whom, we would not be the company we are today.
